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Thank you everyone!

Thursday, October 23, 2008, 5:16 PM

I want to thank everybody who donated or signed up today. Thank you!

I want to thank everyone who left a comment, and those who just dropped by.

The Crash Course was 4 years in the
making.  To be done with the main body feels like an accomplishment
greater than my PhD dissertation.  It was certainly harder for me. So I
slept late and (mostly) took the day off to recharge.

I will be back fully in the saddle tomorrow.  I am full of energy and ready to begin the next phase of this project.

So thanks again, and see you all here tomorrow.

All the best,
Chris


In the meantime, I think there is a very important truth wrapped within this article by Chris Hedges.   It exposes my central discomfort with the legions of Goldman Sachs people who are now seemingly running every aspect of the bailout.  In a nutshell, if everybody is thinking the same thing, then nobody is thinking.  

The Idiots Who Rule America
Our oligarchic class is incompetent at governing, managing the economy, coping with natural disasters, educating our young, handling foreign affairs, providing basic services like health care and safeguarding individual rights.

“Their inability to see the human as anything more than interest driven made it impossible for them to imagine an actively organized pool of disinterest called the public good,” said the Canadian philosopher John Ralston Saul, whose books “The Unconscious Civilization” and “Voltaire’s Bastards” excoriates our oligarchic elites. “It is as if the Industrial Revolution had caused a severe mental trauma, one that still reaches out and extinguishes the memory of certain people. For them, modern history begins from a big explosion—the Industrial Revolution. This is a standard ideological approach: a star crosses the sky, a meteor explodes, and history begins anew.”

“There are a handful of people who haven’t been published in mainstream journals, who haven’t been listened to, who have been marginalized in every way,” Saul said. “There are a couple of them and you could turn to them. But then who do you give the orders to? And the people you give the orders to, they are not going to understand the orders because it hasn’t been a part of their education. So it’s a real problem of a good general who suddenly finds that his junior generals and brigadiers and corporals, you want them to do irregular warfare and they only know how to do trenches. And so how the hell do you get them to do this thing which they’ve never been trained to do? And so you get this kind of disorder, confusion inside, and the danger of what rises up there is populism; we’ve already had populism in a way, but we could get more populism, more fear and anger.”

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27 Comments

joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
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Re: Thank you everyone!

thanks again bro

and i forgot .........................go take a bath you stink

gopbg's picture
gopbg
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Re: Thank you everyone!
I'm working each day to pay you the highest compliment by mentioning your site to a friend EACH day. I also tell them if they like the course they need to send you money. Great Job! Your efforts will make a better world for my two sons.
rbm411's picture
rbm411
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Re: Thank you everyone!
I listened to all 20 of your chapters and thought that some where thought provoking, but I have also read the comments from people that have been scared into putting all of their savings into gold.  You have don a grave disservice to them.   Gold is not tied to a currency and absent of a total and absolute collapse it is just another commodity. 
jonjulnes's picture
jonjulnes
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No...thank YOU!

 

Chris, your crash course is nothing short of astounding.

What an immense amount of work, overwhelming in every detail!

"Thank you" is an insignificant response...but it's a start.

I will be passing this link on to others on a daily basis.

Ray Hewitt's picture
Ray Hewitt
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Posts: 458
The Idiots Who Rule Amerca
There are plenty of good books that tear the oligarchs apart.

Marxism Unmasked: From Delusion to Destruction by Ludwig von Mises
http://www.fee.org/store/detail.asp?id=423

The works of Ayn Rand and Nathaniel Branden. They're reviled by church and state, and rightfully so.

Frederic Hayek's Fatal Conceit and The Road to Serfdom 

 

 

Ray Hewitt's picture
Ray Hewitt
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Re: Thank you everyone!

rbm411 says

Gold is not tied to a currency and absent of a total and absolute collapse it is just another commodity. 

RBM411 needs to take a crash course on money. Here's a  hint: Money - honest money - serves as a medium of exchange and a store of value.

Practically anything can be used as a medium of exchange and have. On that account paper is as good as gold. But as a store of value, the supply of paper is limited by the size of your forest. Gold and silver are expensive and difficult to mine, which is why they have a 3,000 years history as money. That besides the fact that they don't corrode and they are soft enough for coinage.

Artificial money gives politicians license to create as much money as they can spend. Gold and silver constrain their spending habits, which is why they hate it.

There can never be a shortage of gold and silver because there is a price at which supply and demand are in balance. In my view PM are the buy of the millenium.

Golden Age's picture
Golden Age
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Re: Thank you everyone!
Chris, the Crash Course is an incredible body of work.  You have produced this course at considerable expense, donating your time and talent in an effort to educate others with the hope that your endeavors will be compensated by those of us who appreciate all this personal investment.  I hope you are rewarded in a manner befitting your efforts.  Thanks and thanks again.
brjohnson789's picture
brjohnson789
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Re: Thank you everyone!
Keep on truckin Chris.
danaroypatton's picture
danaroypatton
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Re: Thank you everyone!
Thanks Chris
Judithkitty's picture
Judithkitty
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Thanks Chris

Dear Chris, Thank you for doing the crash course. I started watching it a couple months ago. It gave me information I wanted because I had some decisions to make. The last part of the crash course explained to me why I'm choosing to take care of myself in the specific ways that you mentioned. You're just stating observable facts, that I wouldn't have the where-with-all to collect myself. So it's not like you're being an alarmist, you're just transmitting information and connecting some dots. Still, you don't make the conclusions for anyone. The little grids and diagrams made the points so clear. Thank you! More please! Sincerely, k

PS there are people who would probably like to subscribe, but have other more pressing concerns. I hope you get enough financial support to institute sliding scale tuition or some way so that everyone has access to the info. 

 

 

UrbanNavigation's picture
UrbanNavigation
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Re: The Idiots Who Rule Amerca

You might enjoy this lecture...
http://leninology.blogspot.com/2008/10/capitalism-hits-fan.html

ps. Thanks Chris for teaching me heaps...

appositus_telos's picture
appositus_telos
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Posts: 1
Re: Thank you everyone!

Chris,

First, I believe in the spirit of your crash course, it has awakened something my gut has been telling me since childhood. I am preparing as we speak(uh... type), debt free, food supplies, my best friend and I triple-dug a 14' by 16' garden the day we found out our soil didn't have lead contamination as we suspected. We are creating a booklist of skills for the worst. We are on it.

My natural tendency is to be the "Super-devil's advocate". My God if there was ever a time to find a hole in something it is your crash course.  I may have found one thing that could either ease the fall, or even continue the growth of things.

I think you need to monitor this technology. New, advances have allowed MIT and Caltech professors to bypass the electricity making phase of creating hydrogen from solar energy. Yes, solar to hydrogen directly. They have found a way to simulate photosynthesis in plants. They can split water into hydrogen and oxygen.

This combined if handled properly hydrogen can be safely stored/and used similar to propane, eliminates the inefficient (and resource intensive) batteries for electric storage. Making storage easy and long lasting.

Once converted, the hydrogen has little if any loss of energy, used to power generators, fuel for gas stoves and ovens, lamps, even cars and trucks and trains. All the stuff "they" promise it can do.  All from fresh water, light and the original material to create the transducing device. A potential bonus is the byproduct of fresh water if using saltwater for the process.

I had to dig into MIT and Caltech websites. This info is relatively new.

I know the infrastructure implantation is gigantic but, I think this might put a new/different perspective on things.

I'd like to know what you think, I'm a thinker, an not a pro. I want to give this info to the real action takers. I'm doing my part the best I can.

I'll be telling my family about your crash course soon, just as soon as I know the info well enough to convince them were not all crazy!

Respectfully and Good Luck,

Andy

http://www.wired.com/science/discoveries/news/2004/12/65936
http://www.hydrogensolar.com
http://web.mit.edu/newsoffice/2008/oxygen-0731.html
http://web.mit.edu/chemistry/www/faculty/nocera.html
http://www.ccisolar.caltech.edu/webpage/13
http://mr.caltech.edu/media/Press_Releases/PR13172.html

rbm411's picture
rbm411
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Re: Thank you everyone!
All I'm saying is that people in the comments section have put all of their savings into gold.  In this meltdown Gold has gone from the mid-nine hundreds to what 750.  Close to a 25% loss of value.   My point was that if the world doesn't end they will take forever to recover.   If the world ends a $930 investment in a Bushmaster A3 might be aq better deal.
zaff's picture
zaff
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Posts: 2
Re: The Idiots Who Rule America

 

Thank you Chris for your monumental effort. I have learnt so much.Truly much appreciated.

We need people like you to be designing, managing and leading the global financial / economic

system.But then again you don't qualify for these positions since stupidity is an obvious

prerequisite.

These people need to examine their belief system. It would be great if their beliefs

were only self-destructive but sadly this is not the case. The unsuspecting, trusting

masses across globe are, and will continue to be, on the painful receiving end of truly

shocking decision-making, dysfunctional leadership and overall idiotic behavior of those

who run the global financial and economic system.

 

 

On the question of stupidity one wonders who the real idiots are. Watch the movie

Zeitgeist and see what I mean. Go here http://www.zeitgeistmovie.com/

 

 

[quote=cmartenson]

I want to thank everybody who donated or signed up today. Thank you!

I want to thank everyone who left a comment, and those who just dropped by.

The Crash Course was 4 years in the making.  To be done with the main body feels like an accomplishment greater than my PhD dissertation.  It was certainly harder for me. So I slept late and (mostly) took the day off to recharge.

I will be back fully in the saddle tomorrow.  I am full of energy and ready to begin the next phase of this project.

So thanks again, and see you all here tomorrow.

All the best,
Chris

 


In the meantime, I think there is a very important truth wrapped within this article by Chris Hedges.   It exposes my central discomfort with the legions of Goldman Sachs people now seemingly running every aspect of the bailout.  In a nutshell, if everybody is thinking the same thing, then nobody is thinking.  

The Idiots Who Rule America
Our oligarchic class is incompetent at governing, managing the economy, coping with natural disasters, educating our young, handling foreign affairs, providing basic services like health care and safeguarding individual rights.

“Their inability to see the human as anything more than interest driven made it impossible for them to imagine an actively organized pool of disinterest called the public good,” said the Canadian philosopher John Ralston Saul, whose books “The Unconscious Civilization” and “Voltaire’s Bastards” excoriates our oligarchic elites. “It is as if the Industrial Revolution had caused a severe mental trauma, one that still reaches out and extinguishes the memory of certain people. For them, modern history begins from a big explosion—the Industrial Revolution. This is a standard ideological approach: a star crosses the sky, a meteor explodes, and history begins anew.”

“There are a handful of people who haven’t been published in mainstream journals, who haven’t been listened to, who have been marginalized in every way,” Saul said. “There are a couple of them and you could turn to them. But then who do you give the orders to? And the people you give the orders to, they are not going to understand the orders because it hasn’t been a part of their education. So it’s a real problem of a good general who suddenly finds that his junior generals and brigadiers and corporals, you want them to do irregular warfare and they only know how to do trenches. And so how the hell do you get them to do this thing which they’ve never been trained to do? And so you get this kind of disorder, confusion inside, and the danger of what rises up there is populism; we’ve already had populism in a way, but we could get more populism, more fear and anger.”

[/quote]
scotthw's picture
scotthw
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Posts: 59
Re: Thank you everyone!

First, my own personal thanks to Chris - I too have long suspected a lot of what you have congealed for me in the CC, and have started telling others. 

rbm411 said:

"All I'm saying is that people in the comments section have put all of their savings into gold.  In this meltdown Gold has gone from the mid-nine hundreds to what 750.  Close to a 25% loss of value.   My point was that if the world doesn't end they will take forever to recover"

As I ponder the jump into PM I am wondering the same thing.   I realize that having SOMETHING of real, permanent value (PMs) will always be a good idea, but as I approach the dismantling of my classic baby boomer retirement savings plan (exiting 401(k) incrementally) I have to wonder the same thing - what is the proper balance between still increasing my holdings from an investment angle so I don't have to work until I am 110, and taking the "everything collapses" approach in which case the loss of investment dollars will be pointless.  Perhaps a middle ground where I acquire some PM assets with no regard to the investement angle, but continue some classis investing, albeit with more circumspection.

Or perhaps... one should dismiss the class notion of retirement altogether...

Thanks,

Scott

Set's picture
Set
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Posts: 112
Re: Thank you everyone!

[quote=rbm411]I listened to all 20 of your chapters and thought that some where thought provoking, but I have also read the comments from people that have been scared into putting all of their savings into gold.  You have don a grave disservice to them.   Gold is not tied to a currency and absent of a total and absolute collapse it is just another commodity. [/quote]

 

That's your opinion and you're entitled to it.  Evidently you still don't understand what "Money" really is.  You say that Chris had done a "grave disservice" because "gold is not tied to a currency."  The problem is that every and all fiat currencies such as the USD are not tied to gold or anything of "intrinsic" value.  You might want to visit a site that is dedicated to gold.  <jsmineset.com> by Jim Sinclair is the site I am referring to.  He put his money where his mouth is.  He will bet any takers that gold will be at $1650 USD minimum before January 2011.  If you are so confident in your position, you can take his offer to bet $1,000,000.00 that he is wrong. 

Any criticism of this website is unfounded in any rational argument.  Yours is no exception.  Gold is not just another commodity.  Gold is money.  It takes honest blood, sweat, and tears to find, refine, and create coins and bars made from it.  This is the anchor.  It always has been and it always will be.  Study your history.  You're doing a disservice to yourself by not educating yourself enough to realize exactly what real money is.  Hint: it's not something that can be created as easily as a few keyboard entries by a few crooked politicians

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gyrogearloose
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Posts: 537
Re: Solar Developments

Andy, your list one by one....

http://www.wired.com/science/discoveries/news/2004/12/65936

"every part of the ultraviolet spectrum"  That is a small fraction of total solar insolance

"produce a few kilograms of hydrogen per day .... cells that are approximately 10 square inches."  Yeah right !!!!

Semiconductor based.   Looks a bit hyped to me

http://www.hydrogensolar.com

"Hydrogen Solar has developed break-through technology for producing high purity hydrogen at competitive commercial rates. Using well established science and low cost materials, "

Lots of hype, "Whats New" has 2 year old articles as the most recent.

http://web.mit.edu/newsoffice/2008/oxygen-0731.html

Shit loads of hype....   All they are claiming essentially is a electrolysis cell that has improved electrode that work in neutral water. Still using platinum for the hydrogen electrode. Still require electricity from some source.

http://web.mit.edu/chemistry/www/faculty/nocera.html

Page listing the research they are carrying out, a lot around nano scale engineering, targeting understanding how photosynthesis works and trying to duplicate it with nano scale structures I think.

http://www.ccisolar.caltech.edu/webpage/13

"have figured out a crucial step that plants take in splitting water into hydrogen and oxygen"

But duplicating it cheaply.....?

http://mr.caltech.edu/media/Press_Releases/PR13172.html

"In Phase I, the Caltech-MIT alliance, called "Powering the Planet," proposed to develop nanoscale materials to make fuel from sunlight and water. They designed a nanorod-catalyst water splitter that incorporates a membrane to separate the oxygen- and hydrogen-making parts of the system."

Very early stages of research.

 

Over all, they are a snap shot at attempts to increase conversion efficiencies of solar to hydrogen. Any full blown commercial application could easily be years away.

I wont be crossing my fingers in hope it staves off peak oil though. 

 

Hamish

 

 

gyrogearloose's picture
gyrogearloose
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Posts: 537
Re: Thank you everyone!

And it looks like stocks have just taken another 10% hit ( Chris sent out an alert )

The old phrase "All your eggs in one basket" will serve you well here. Sound like you had everything in 401K, but have decided to dismantle and presumably diversify. At the moment it seems like everyone is buying bonds for their safety during the current deflationary stage. I recall the Chris was calling his seminars "The end of money". He has also stated he has a good percentage of his money in gold, but I think he must have brought before the price climbed. The fed is running a fine line that could easily lurch into HIGH inflation. Gold is good in high inflation times I believe.

Myself I have 10% in gold, but looking to increase it. Inflation here just hit 5%

Hamish

 

 

 

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honeydee
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Re: Thank you everyone!

No Chris, Thank YOU!

 

I think your crash course was better than anything I ever learned in school.

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ajparrillo
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Re: The Idiots Who Rule Amerca

It is amazing on how many points of interest I agree with hewittr, but realize that we come from some very different perspectives. 

I must posit that Greenspan is a disciple of Ayn Rand and central banks are an outgrowth of the power structure created by this new movement of 'free marketism' (or Neoliberalism), which has its contemporary origins in the Mont Pelerin Society, which included von Hayek, von Mises, and Milton Friedman..  In general, economic and political philosophies are all well and good, but what comes to fruition is rarely what is prescribed in the ideological writings.  Further, there are sociopolitical agendas that are not discussed or even hidden by the thinkers behind these ideologies; one must dig to find these.  

In any event, those not exposed to this info should read it, but possibly more importantly read the opposing views and critiques.  Of couse, this should be done with any ideological literature.

Sourced I recommend are:  "A Brief History of Neoliberalism" by David Harvey, "Greenspan's Fraud" & "The New Golden Age" by Ravi Batra, and "Disaster Capitalism" by Naomi Klein.

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joe2baba
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Posts: 807
Re: Thank you everyone!

you are to be forgiven for the idiotic statement about chris having done a disservice, because people are putting all their money into gold.

you are forgiven because you are ignorant . there is a difference between ignorance and stupidity.

you are obviously new to this site. there is more to this site than this blog. there is a wealth of info here. it is obvious many never make it past the blog. this is a serious mistake. the books are excellent, the articles are as well. 

i suggest you go to resources and see what chris "actually" has to say about investing in pms.

he never ever suggested for anyone to invest everything in gold. he clearly states that he recommends a minimum of 5-10%.

that is a far cry from all of ones savings. i have been on this site for abut 6 months and never heard chris or anyone else say to put all your savings in gold.

in the future i suggest you do your due diligence, lurk, explore and use your own discrimination before you make statements like the one you made. 

because my friend it is you who have done a disservice, not only to chris and the others on this site but to yourself for not taking advantage of all this incredible man has assembled here.

welcome to the community

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ajparrillo
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Re: Thank you everyone!

[slap] welcome to the community.

love that!

Doug's picture
Doug
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Posts: 3125
Re: The Idiots Who Rule Amerca
[quote=wilkinson_cathy]

You might enjoy this lecture...
http://leninology.blogspot.com/2008/10/capitalism-hits-fan.html

ps. Thanks Chris for teaching me heaps...

[/quote]

Thanks for the link.  It took me back to my college days.  The intellectual class in those days always threw out a lot of Marxist criticism to address the problems of the day.  My conclusion at the time has not been disturbed subsequently.  Marxists are really good at analyzing and deconstructing, but really bad at implementation.  Witness the stunning success of the USSR.

The underlying problem with this lecture is that he mentioned nothing about the harsh realities of the world we live in.  His presumption is apparently that continual economic expansion will be just fine as long as the workers control the means of production.  He says nothing about the futility of trying to continue producing profits and expanding economically in a world of peak oil or overpopulation or climate change.  These are the economic, energy and environmental realities we have to deal with if we hope to produce a sustainable culture.

Capitalism still provides the best motivation for innovation and creativity of any economic system.  The problem comes from the financial incentives to incorporate ever larger entities that outgrow their usefulness to society and become nothing more than profit making machines for the shareholders.  I heard a rule of thumb that posited that about 20% of businesses will do the right thing, even if profits are on the line.  I know of nothing inherent in business models that would change that rule whether a business is collectively managed or run by a CEO and BOD.  There has to be a mechanism in place that requires corporations to "do no harm" first.

Ray Hewitt's picture
Ray Hewitt
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Posts: 458
Greenspan's Scarecrow

Ajparrillo took the bait. At #20 he errs when he says:

I must posit that Greenspan is a disciple of Ayn Rand and central banks are an outgrowth of the power structure created by this new movement of 'free marketism' (or Neoliberalism), which has its contemporary origins in the Mont Pelerin Society, which included von Hayek, von Mises, and Milton Friedman.. 

Somehow, membership in the Mount Pelerin Society makes them guilty by association. First of all, Greenspan WAS a disciple of Ayn Rand. Since her death, Greenspan went to the other side. Friedman talked about freedom but he was a statist at heart. Rand, Hayek and Mises were strongly against central banks, fractional reserve banking, fiat money, central planning and any form of government intervention in the market process. They were emphatically against socialism, fascism and all the other statist isms because they cannot be made to work and are grossly immoral.

It's a safe bet that Ajparrilo read none of their works, instead relying on the criticisms of their enemies, the Idiots who rule America and their apologists. Or is he an enemy of capitalism?

Congress paraded the willing accomplice, Greenspan,  to "admit" free markets don't work. Greenspan came to sell the public into believing that markets have to be managed by a benevolent,  all knowing, wise government bureucracy. 

Common opinion fell for the term "deregulation" as if it had any connection to laissez-faire capitalism. The fact is, "deregulation" was a catch-word for corporatism, i.e. license to commit fraud and theft. None of the Wall Street vandalism would have been possible without government license.

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
— Ludwig von Mises

When I say "capitalism," I mean full, pure, uncontrolled, unregulated laissez-faire capitalism - with separation of state and economics in the same way and for the same reasons as the separation of church and state - Ayn Rand

... the conflict between advocates of the spontaneous extended human order created by a competitive market, and on the other hand those who demand a deliberate arrangement of human interaction by central authority based on collective command over available resources is due to a factual error by the latter about how knowledge of these resoources is an can be generated and utilized. - Hayek

A common practice among propagandists is to control their subjects by changing the language. I advise all to get their definitions straight, to know how each side of a debate defines their terms before they come to conclusions.

http://www.econlib.org/library/Enc/bios/Hayek.html

http://www.econlib.org/library/Enc/bios/Mises.html

http://www.econlib.org/library/Enc/bios/Friedman.html

http://www.econlib.org/library/Enc/Capitalism.html

Ray Hewitt's picture
Ray Hewitt
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Joined: Apr 5 2008
Posts: 458
Greenspan's Scarecrow - 2

Murray Rothbard knew Greenspan personally when they were associated with Ayn Rand. When they parted company, Rothbard aligned himself with Mises and Hayek. A clip from Rothbard on Greenspan in 1987:

I knew Alan thirty years ago, and have followed his career with interest ever since.

I found particularly remarkable the recent statements in the press that Greenspan's economic consulting firm of Townsend-Greenspan might go under, because it turns out that what the firm really sells is not its econometric forecasting models, or its famous numbers, but Greenspan himself, and his gift for saying absolutely nothing at great length and in rococo syntax with no clearcut position of any kind.

As to his eminence as a forecaster, he ruefully admitted that a pension-fund managing firm he founded a few years ago just folded for lack of ability to apply the forecasting where it counted- when investment funds were on the line.

Greenspan's real qualification is that he can be trusted never to rock the establishment's boat. He has long positioned himself in the very middle of the economic spectrum. He is, like most other long-time Republican economists, a conservative Keynesian, which in these days is almost indistinguishable from the liberal Keynesians in the Democratic camp. In fact, his views are virtually the same as Paul Volcker, also a conservative Keynesian. Which means that he wants moderate deficits and tax increases, and will loudly worry about inflation as he pours on increases in the money supply.

There is one thing, however, that makes Greenspan unique, and that sets him off from his Establishment buddies. And that is that he is a follower of Ayn Rand, and therefore "philosophically" believes in laissez-faire and even the gold standard. But as the New York Times and other important media hastened to assure us, Alan only believes in laissez-faire "on the high philosophical level." In practice, in the policies he advocates, he is a centrist like everyone else because he is a "pragmatist."

As an alleged "laissez-faire pragmatist," at no time in his prominent twenty-year career in politics has he ever advocated anything that even remotely smacks of laissez-faire, or even any approach toward it. For Greenspan, laissez-faire is not a lodestar, a standard, and a guide by which to set one's course; instead, it is simply a curiosity kept in the closet, totally divorced from his concrete policy conclusions.

Thus, Greenspan is only in favor of the gold standard if all conditions are right: if the budget is balanced, trade is free, inflation is licked, everyone has the right philosophy, etc. In the same way, he might say he only favors free trade if all conditions are right: if the budget is balanced, unions are weak, we have a gold standard, the right philosophy, etc. In short, never are one's "high philosophical principles" applied to one's actions. It becomes almost piquant for the Establishment to have this man in its camp.

Over the years, Greenspan has, for example, supported President Ford's imbecilic Whip Inflation Now buttons when he was Chairman of the Council of Economic Advisers. Much worse is the fact that this "high philosophic" adherent of laissez-faire saved the racketeering Social Security program in 1982, just when the general public began to realize that the program was bankrupt and there was a good chance of finally slaughtering this great sacred cow of American politics. Greenspan stepped in as head of a "bipartisan" (i.e. conservative and liberal centrists) Social Security Commission, and "saved" the system from bankruptcy by slapping on higher Social Security taxes.

Alan is a long-time member of the famed Trilateral Commission, the Rockefeller-dominated pinnacle of the financial-political power elite in this country. And as he assumes his post as head of the Fed, he leaves his honored place on the board of directors of J.R Morgan & Co. and Morgan Guaranty Trust. Yes, the Establishment has good reason to sleep soundly with Greenspan at our monetary helm. And as icing on the cake, they know that Greenspan's "philosophical" Randianism will undoubtedly fool many free market advocates into thinking that a champion of their cause now perches high in the seats of power.

The rest can be read at  http://mises.org/story/359

Ray Hewitt's picture
Ray Hewitt
Status: Gold Member (Offline)
Joined: Apr 5 2008
Posts: 458
Greenspan's Scarecrow - 3

From the above link, Rothbard wrote this in 1991. It's too good to withold.

Mystery, appeals to confidence, lauding the alleged qualities of the head: all this amounts to a con-game. Volcker, Greenspan, and their handlers are tricksters pulling a Wizard of Oz routine. The mystery, the tricks, are necessary, because the fractional-reserve banking system over which the Fed presides is bankrupt. Not just the S&Ls and the FDIC are bankrupt, but the entire banking system is insolvent. Why? Because the money that we are supposed to be able to call upon in our bank deposit accounts is simply not there. Only about 2% of that money is there.

The mystery and the confidence trick of the Fed rests on its function: which is that of a banking cartel organized and enforced by the federal government in the form of the Fed. The Fed continually enters the "open market" to buy government securities. With what does the Fed pay for those bonds? With nothing, simply with checking accounts created out of thin air. Every time the Fed creates $1 million of checkbook money to buy government bonds, this $1 million quickly finds its way into the "reserves" of the banks, which then pyramid $10 million more of bank deposits, newly created out of thin air. And if someone sensibly wants cash instead of these open book deposits, why that's okay, because the Fed just prints the cash which immediately become standard "dollars" (Federal Reserve notes) which pay for this system. But even these fiat paper tickets only back IOU's of our bank deposits.

So please dispense with this nonsense that Rand, Mises and Hayek were the philosphical mentors of the Wall Street banksters. Read their works firsthand instead of letting their enemies interpret them for you.

ajparrillo's picture
ajparrillo
Status: Bronze Member (Offline)
Joined: Sep 7 2008
Posts: 72
Re: Greenspan's Scarecrow - 3

Who took what bait?  Throw all the quotes you want, it seems you are ignorant to my central points.  This was that philosophies/ideologies rarely evolve as envisioned and understanding these means exploring, as you put it, the enemies interpretations.  It seems that you, sir, may have a persecution complex...interpreting any statement that critiques your adopted ideology as an enemy to be ridiculed for not understanding.  How dare somebody points out issues and criticizes your beloved.

Guilt by association?  Somewhat...but explore the writings and philosophies of these people that had similar agendas...this is my point.

In the end...did you not notice that I stated that I generally agree with all your specific positions, it is prescribing to larger ideologies that I am wary of since they are never perfect and produce intended and unintended consequences in the real world (partially due to the fact that they are corrupted and never enacted in full).  So, calm down.

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