"Capitalism is based on the recognition of individual rights, including property rights..."
"There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy," said President (Elect) Barack Obama on January 9, 2009.
With no respect on my part for the ignorance of a President who embraces Marxism and ignores the Austrian economic school of free enterprise, I can tell you that 200 of our leading economists who are not Keynesians say the President is wrong. This includes William Poole, former president of the Federal Reserve Bank of St. Louis.
They said so in full-page newpaper ads in The New York Times and the Wall Street Journal [see below] against the trillion dollar spending binge proposed by democrats.
"The ad, sponsored by the Cato Institute, blasts the massive boondoggle that funds liberal projects under the guise of "stimulating" the economy."
"Keynes distilled a fantastically wrong theory of capitalism and of a socialist paradise erected out of paper money. Moreover, Keynes offered no theory of stagnation at all." Ludwig von Mises Institute
"Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned...
"The moral justification of capitalism does not lie in the altruist claim that it represents the best way to achieve the common good. It is true that capitalism does—if that catch-phrase has any meaning—but this is merely a secondary consequence." Ayn Rand
Keynesian politics embraced by President Obama and the Democrats deny the justice attendant with capitalism, of allowing the people to prevent, let alone clean up, the mess made by the government. Instead, Keynesianism adds layers of government on the layers of the mess.
Republicans also believe in Keynesian economics, to the extent that at present they are decrying those parts of the "stimulus plan" which are not "stimulating." They like certain parts of the plan. They don't want the parts that appear to be only pork.
However, if some of those pork projects were proposed outside of the stimulus plan, they would vote for it. So would I. Example: no one disagrees that the National Mall is falling apart and needs repair. But resodding it should not be called "stimulus" and be expected to help the economy, nor should any "stimulus" be called "government partnership" with capitalism. Government interference in the economy should always be voted down.
When the government becomes a "partner" with capitalism, capitalism no longer exists. Then, the system becomes what is called a "mixed economy." To the extent that the economy is "mixed" in this way is the extent to which that economy is socialist--or worst.
We are in a world of hurt right now, because of government actions in the wrong places, and government inaction in the wrong places.
The rallying cry of the laissez-faire capitalist is, "Get out of my way!" Our government is doing everything it can to stand in the way of economic recovery, which can only come from consumer interest in goods produces. When the government dictates where capital is to be spent, the consumer is likely to be uninterested in the product, because it is a politically-motivated product, like wind farms and goat milk instead of cow milk.
Let the market do its job. The job of the government is to keep a watchful eye on the ethics in the market place, so the Birney Madoff's of the world, and the Enrons, and the sub-prime markets don't ruin us in the future.
You can put my signature on that, too.Read this important report:
majicJack rips off consumers; leaves behind spywar...
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