I think the U.S. is headed for some really tough times and for a sharp decline, economically and geopolitically. But I’m not sure I’d go this far.
Meet my new parents: the U.S. Government. The parallels are astonishing when you think about it. (Forgive my generalities… they are for illustration!)
1. Parents want their kids to be the best: Just like proud moms and dads show up at little league games and fight with other parents, help (or take over) fundraising activities so their kids will “win” by raising the most money, or argue with teachers about grades… we see the U.S. Government assert its authority all over the world - both economically and militarily - so that we can be the “greatest nation on earth”.
Last week, President-elect Obama held a press conference, flanked by members of his economic advisory team, to discuss the federal government’s response to recent economic weakening.
The item that appeared highest on the new administraton’s agenda was the proposed bailout package for Detroit’s “Big 3” automakers.
As this Bloomberg article explains,
In Vanity Fair last month, Christopher Hitchens made the case that the United States has become not a frightening idelogical state as some have said, but a banana republic of the sort we usually associate with Latin America and Africa. One paragraph was the most striking:
The other night I was perusing the national exit poll results. One statistic scared me more than anything. 51% of voters participating in the exit poll answered that the government “should do more” than it is doing today. Wow.
The Treasury Department has allocated $250 billion to buy senior preferred shares of dozens of the nation’s largest banks as part of the “Troubled Asset Relief Program,” (TARP). Our government however, has haphazardly invested these relief funds in banks that have shown a propensity for making irresponsible and imprudent business decisions. On top of a lack of disclosure of the criteria for approved banks the government has displayed no consideration for the American public. By printing new money and diluting existing shareholder positions our leaders have proven they care more about saving poorly run businesses than their constituents.
No other election day has held the level of significance for me than this one does. While I’ve always voted, this was the first election cycle in which I took an avid interest and actually became involved in the political scene. For nine months, I was an active supporter of my hero, Dr. Ron Paul. After Super Tuesday, and it became evident that Dr.
United Liberty was begun by individuals from a large variation of backgrounds, all having the same goal in mind- the maximizing of individual liberty. We are not a monolithic group, seeing everything through the same eyes, and therefore have different ideas about how to best achieve that goal. All of us began as supporters of the same candidate, but since his name will not be on the ballot in our respective states, we wanted to share who we will be voting for and who we predict will win.
Editor, B J Lawson-
I wish I had an answer, but I’m still undecided :-/Don’t think I know until I get into the voting booth.At least I know how I’m voting for Congress…
Contributor, Scott Morris-
The 2008 Mises Institute Supporters Summit
The Gold Standard Revisited
This past weekend was a chance for many of the Mises Institute’s supporters to get together, get familiar, and get updated on the Austrian tradition’s interpretation of recent events. The focus of this weekend seminar was on the gold standard, and the increasingly desperate need for sound money in today’s fiat fiasco of an economy. Speakers, local and international, delivered the message of monetary sanity to the supporters and students in attendance, as well as those who tuned in around the world via Mises.org. Talks were given by many of today’s