Bloomberg News reported earlier this week that it had calculated the total spending promised by the Obama administration to date as equaling the nation’s gross national product for one entire year—around $13 trillion. The public has grown inured to daily reports of massive spending programs and the administration’s fear mongering that the world will come to an end—or rather the cushy jobs of its friends on Wall Street will come to an end—unless our government spends and inflates on a scale that has never before been attempted. Ah, all the more reason to admire us, their propagandists proclaim, for the boldness of our actions in the face of such a calamity.
Yes, a calamity is approaching. It is the calamity brought about by reckless spending of the nation’s wealth in pursuit of the unattainable. There is no way that the trillions of dollars of malinvestment of the last few years can be pulled back out of the sinkhole. The money is gone. There is no way to get it back. What the Obama administration is doing is trying to make everyone pay for this massive loss when the proper, legal, ethical policy should be to ensure that those involved accept their losses like men (which may include many reading this essay plus the author himself).
It is redundant of me to point out to readers of my essays that none of the Obama administration’s plans would be possible without the ability of the Federal Reserve Bank to inflate the money supply and steal from us via reducing the purchasing power of the dollar. Without a central bank the government would be required to adopt some combination of taxes and borrowing to launch any bailout and stimulus plans. The nation might accept some small measures, but it would never accept measures that would require it to toil for one full year as a slave of the government.
This is the great evil that a central bank makes possible—the theft of a nation’s wealth. Gone forever is the pretense that the central bank is an independent agency that guards our money from the predation of plundering politicians aligned with powerful interest groups. The citizens of the United States should demand an end to the Fed and an end to this administration’s plans to steal our wealth.
Hold no illusions. The administration’s plans to rescue the American economy will not work. Our government cannot turn back the clock and pretend as if millions of homes had not been built at a loss rather than a profit. The damage has been done and now the insane pretensions of megalomaniacs must stop before even more damage is done—damage that even the great American people cannot repair in a generation. Criminals who claim no more right to their actions than that they won an election and/or were appointed to a government job are plundering our nation. They are our servants and not our masters. They certainly are not entitled by any law to rob us of all our wealth and destroy our liberties in the futile attempt to hold back the tide or paper over losses borne by their friends on Wall Street. This plunder, this theft, this illegality must stop!