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| Jul 10, 2009 6:33 am |
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re: re: re: Causes of the World Financial Meltdown? |
Thomas Holford
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John sayeth:
> "What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain - an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy."
Goldman Sachs is probably one of the major "owners" of the supposedly politically isolated "Federal Reserve System".
Libertarians and Austrian school economists have long been declaiming to anyone who would listen that the Federal Reserve is A.) unconstitutional, B.) perfidious, malignant, destructive, and any other invective you can think of.
If your point is that Goldman Sachs enriched itself immorally, unethically, and at the expense of the American people, I will have a hard time mounting any kind of defense in Goldman's behalf.
If your point is that all of Goldman's perfidy would have been prevented and sweetness and light would have blessed all the people across the land if we would have just had some Marx thumping commies running the economy, I will disagree.
The free market is founded on the premise that a free market monetary system is an essential element of a free market economy.
A "market economy" based on a politician directed fiat money monopoly is no free market. It is a poor man's centrally planned economy lacking only the industrial commissars.
But now that The Obamagogue is the Commissar of the U.S. Auto Industry, and has THIRTY-TWO other designated Czars, the U.S. will be a centrally planned economy faster than you can say "Goldman Sachs Public-Private Partnership".
I'm sure that Goldman Sachs and George Soros probably take turns writing the stuff that appears on Obama's teleprompter.
T. Holford
Private Reply to Thomas Holford (new win) |
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