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Wednesday, August 31, 2011
Why Keynesians should be hung & PJB should have been President
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens."
"Lenin was certainly right," John Maynard Keynes continued in his 1919 classic, "The Economic Consequences of the Peace."
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
What should be done to high officials of the U.S. government who consciously set out to dilute and destroy the savings and income of working Americans? What should be done to those who have sworn an oath to defend the Constitution and then steal the wealth of citizens by secretly manipulating the value of the currency, the store of wealth upon which those people depend?
Is inducing inflation -- debauching the currency, the systematic and secret theft of the savings of citizens -- a legitimate policy option for the Federal Reserve? Has Congress authorized official thievery?
Who do these economists think they are?
Inflation rewards debt -- and erodes savings. It is legalized counterfeiting, the deliberate creation of money with nothing to back it up.
If a citizen printed dollars bills, he would be tracked by the Secret Service, prosecuted and imprisoned. Why, then, is the Fed's clandestine printing of money with nothing to back it up a legitimate exercise and, according to Krugman & Co., a desirable policy for Bernanke and the Fed?
Schooled economists such as Rogoff, Krugman and Bernanke know how to shelter their wealth from the ravages of inflation -- and even to get rich. But what about widows whose husbands leave a nest egg of savings in cash and bonds? What are they supposed to do as the value of their savings is wiped out at 4, 5 or 6 percent a year -- or whatever annual rate of ruin the Rogoffs and the Krugmans decide upon?
This is not only an economic issue but a moral issue.
To inflate a currency is to steal the money citizens have earned and saved and entrusted their government to protect. Any government that betrays that trust and steals that wealth is not only unworthy of support. It is worthy of being overthrown.
The entire column is here.
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