I was just catching up on some of Matt Taibbi’s Rolling Stone blog posts when I read, with great disappointment, the following paragraph.
The audit of the Fed was undertaken because Bernie and a few other members of congress fought very hard during the Dodd-Frank regulatory reform debate to force open Ben Bernanke’s books, and as a result we now know the staggering details of the secret bailout era. We know that Citigroup received $1.6 trillion in loans, and Morgan Stanley $2 trillion, and Goldman Sachs – the same Goldman Sachs that bragged about how quickly it paid back its $10 billion TARP bailout – over $600 billion. We know that hedge fund billionaires who moved their corporate addresses to the Cayman Islands to avoid U.S. taxes were rewarded by their buddies in government with huge Fed loans; we know that the U.S. government likewise has been extending massive loans to a variety of Japanese car companies at a time when many American auto workers in Detroit have seen their wages cut in half, to $14 an hour. There’s that and there’s more on the outrage front, and we know it all because Sanders kicked and screamed and stamped his feet about Fed secrecy until just enough other members of the Senate decided to go along with him.
Bernie Sanders? Really? I don’t recall Sanders writing End the Fed or spending the last three decades fighting tooth and nail to turn over the boulder of Fed secrecy to bring the creepy, slimy insects residing under it into the cleansing sunlight. I do remember Congressman Ron Paul doing those things and more. To be sure, I am happy that Sanders finally woke up and joined Dr. Paul in his crusade. Mr. Taibbi truly has a very good understanding of the Fed, as evidenced by his The Fed’s Magic Money-Printing Machine post, but gives Sanders far too much credit.
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Quickest Way To Prosperity For Any One Of Today’s Nations.
The quickest way is to decree that gold and silver are the money and that all banks are required by law to practice a system of 100% reserves.
No leader has the power sufficient to make this decree because the political systems are riddled with corruption and subject to the whims of the elite who are vested with special interest in the injustices inherent in these already existing systems.
The size of the nation doesn’t matter and so no matter what the nation’s size the economic, ethical, and justice implications would reverberate all around the world. As a consequence it is not exactly true that a nation’s size does not matter because if the nation is not large enough to defend itself against the wrath of the economic terrorists benefitting from the worldwide monetary hegemony then the brave and economically-educated leader (and nation) would be ousted by the same type of coup that is in charge of the affairs of most of the nations in the world.
So the quickest way to prosperity for a small nation is to follow a meritorious decision of a large nation to go to the gold and silver commodity standard and 100% bank reserves upheld by the legal system of that nation. How truly difficult that appears to be since all of these legal systems appear to be full of economically-ignorant or politically corrupt lawyers and judges.
It appears, after further consideration, that the quickest way to prosperity is for the irresistible economic equilibrium to swing back like a pendulum from its distorted position and wipe out the entire fraudulent system that is being feasted upon by the parasitic ego-driven interventionists. Then, hopefully, those who are educated in the principles of classical liberalism will be able to influence the re-construction of a contractually-based society.
If you legalize private property, it all sorts itself out.
I prefer your solution; nicely put.
I am not surprised. Matt Taibbi is a hyperventilating socialist. Therefore, any attempt to make the self-described socialist Bernie Sanders look like a hero to Rolling Stone’s loyal followers will suffice.
Briggs, why are you disappointed or surprised in any respect?
Why is it on mises.org do we continue to read blogs wherein the writer is disappointed or surprised that some establishment leftist is praising establishment leftists?
Rolling Stone? Matt Taibi?!
You’re joking.
“we know that the U.S. government likewise has been extending massive loans to a variety of Japanese car companies at a time when many American auto workers in Detroit have seen their wages cut in half, to $14 an hour”
What a bizarre complaint. Isn’t that just called “prudently not throwing money after bad”? Well, I don’t think Detroit manufacturers can mightily complain about not having received mucho support in the end.
Tragic
Matt is just a potty-mouthed leftist blowhard. He would rather die than admit to agreeing with Ron Paul
The audit of the Fed WAS undertaken? Really? How do we get a copy of the audit?
Hey – if Rolling Stone wants to get its socialists readers on board with ending the Fed, I’m all for that (and RP would be too)!
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