Sunday, June 6, 2010

My Letter to the Wall Street Journal

From: Patrick Barron (
Sent: Sun 6/06/10 10:04 AM
To: Wall Street Journal (

Re: G-20 Is Nearing Accord

Dear Sirs:
Having the world's irresponsible and bankrupt governments demand that bankers clean up their acts is like having Willie Sutton, the famous American bank robber, advising his victims! The crisis was caused by loose central bank monetary policy and not by lower capital and liquidity positions of banks. As usual the governments of the world are blaming the victim in order to divert attention from their own imminent financial collapse. And, as usual, their answer is to tax banks into creating another socialist slush fund that will punish sound banks and create massive moral hazard. The real answer to our problems is limited government, laissez faire capitalism, and sound money. But you will never hear these radical proposals emanating from a G-20 meeting, because the purpose of the G-20 itself is to coordinate centralization of economic power at the governments themselves and ensure that there exists no safe haven for capital anywhere in the world.

Patrick Barron

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