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The American Pie

May 31, 2009 - Ben Feldman
I know many people who are, like me, trying to manage in a difficult financial environment. The foreclosures, job losses, store closings, high prices, taxes and devaluation of property leave us all unnerved. To our misfortune, the leader of our nation is a President who has no knowledge about economics proper. He knows about economics improper. In fact, he is being advised by an enclave of economists that follow the delusional theories of John Maynard Keynes. Not only delusional but in fact discredited theories by true economic thinkers you never hear about on television or radio. These are the economists of the Austrian school of economics founded by Ludwig Von Mises with additional brilliant insights provided by Friederich Hayek who wrote THE ROAD TO SERFDOM. Also, this school has spawned cogent and fascinating works by Murray Rothbard. Who are these guys? These are the true brothers of Thomas Jefferson, and James Madison. The Austrian school believes, and has proven repeatedly, that the socialist, statist or collectivist approach to the economy is doomed to failure. They have proven that large meglomaniacal government intervention in the economy limits our freedon and innovative spontonaeity to creating wealth. They veer towards small government, limited and circumscribed. These are the libertarians pals not the Republicans or the Democrats. And these are the guys Obama does not follow or get advice from. He listens to quacks like Krugman and Stiglitz, Larry Summers and the Fed Chairman. They believe in plundering and inflating the money supply despite the obvious which is, we have nothing to back up this money. A sound approach would be to have savings underpinning money. That is too sensible, responsible, and human like. We follow the way that trully suggests faulty thinking. Freud coined the term waking dream. Our leaders have gone from waking dream to waking psychosis. Further evidence of this waking psychosis is the trip our Treasury Secretary, tax cheat favored by powerful people Tmothy Geithner is taking, on taxpayer dollars, to China this week. He is going to tell China, our biggest creditor, to stop saving money and start spending money like us. China warned us recently about our insane money printing. We call it pump priming or investment. The better word is treasury plundering. How do you say that in Mandarin Chinese? So off the secretary goes on a futile mission to convince the chinese that profligacy with money is perhaps insane but Keynes said it works. In the meantime the President is about to become the CEO of General Motors and the man in the street is running around saying, ain't capitalism great? Still, unbelievably, the President's approval rating is in the high sixties. That could only mean there are many who think psychosis is simply grand. Well, just wait.


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