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The sky is falling!
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For all that "change" Obama likes to talk about, he sure sounds a lot like all those Republican guys.
Judging by his latest warnings that the recession will only get worse if we fail to allow the government to continue to pour Monopoly money into the ecnonomy, Our Holy Savior is proving himself to be a Chicken Little we can believe in.
President-elect Barack Obama said Thursday the recession could "linger for years" unless Congress pumps unprecedented sums from Washington into the economy.
"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.
Great Depression I was a crisis manufactured and protracted by the federal government and its central bank. Instead of allowing the necessary downturn in the economy to run its course, the state and its New Dealers turned a recession into a depression through the manipulation of the money supply and reliance on anti-market policies -- including but not limited to suffocating price, wage, and productivity controls and regulations, massive inflation, guaranteed credit, bailouts, import tariffs, and vast increases in government spending (eg. jobs programs) while many Americans were struggling or flat-out broke.
Sound familiar?
If there's one lesson the Great Depression taught us, it's don't trust the brain trust. Just like you wouldn't trust a salesman who tells you no one will give you as good a deal as he will, don't ever believe a politician when he warns that catastrophe is inevitable unless you allow him to show you the way. Just the opposite, catastrophe will most likely be guaranteed if you do.
These days we most certainly do face dire consequences when it comes to the economy, but only because it appears we refuse to learn from history. Instead of trusting the market to readjust to all the artificial manipulation imposed by the state, we pathetically continue to rely on the liars and thieves to get us out of a predicament they caused in the first place.
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For further reading on this subject, see Murray Rothbard's outstanding Panic of 1819. As Lew Rockwell said, "Never heard of it? That's because it came and went, and that's because the government did nothing about it."
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