Post by Bret Cahill Post by Bret Cahill Post by Jerry Okamura
I answered that question more that once, and not once did you tell me that
you did not think my answer was the wrong answer....so why do you keep
asking the same question, when you don't provide an answer, when we do
answer your question?
Is individual freedom important enough for "market" economists to
"Does free speech for the individual a precondition of each and every
free trade by that individual?"
If the individuals INSIST upon it, then Yes.
Supposing the individuals don't know that they _can_ insist upon it?
then they are their own worst enemy....
In _Plato's Republic_ the enlightened free people above ground free
the ignorant slaves below ground.
Aristotle identified the evils of usury and the barrenness of
prosperity based on speculation:austerity does not work it only
benefits wealthy parasites:The last time the world threw off the
chains of private wealth was in the 1930s:only the fascist economies
remained in thrall to private wealth
New economist; Author, "The Economic Consequences of Mr. Osborne"
An Open Letter to the People of Greece: Restore the Drachma
Posted: 06/21/11 10:03 AM ET
We write to encourage you -- to urge you on in your resistance.
In your defiance, you understand Greece is slave to the interests of
You must understand too that it is private wealth that needs Greece.
Greece does not need private wealth.
As is obvious to you -- if not to EU finance ministers -- Greek and
other EU taxpayers are asked to shore up the immense wealth and
reckless lending of private French, German, British and American
Without your taxes, your sacrifices, the privatisation of your
government's assets, these bankers once again face Armageddon -- as
they did in autumn of 2008.
Just as then, so now they have rushed behind the 'skirts' of their
defenders at the IMF and the EU. On their behalf, these unelected
officials and some elected politicians demand that Greek and EU
taxpayers shield private sector risk-takers from the consequences of
their risks. The very antipathy of market principles.
the European Union is torn apart. Politicians, backed by officials,
now defy the founding goals of the community and, in the interests of
private wealth, set the peoples of Europe against each other.
On 20 June, 2011 the acting head of the IMF called for "immediate and
far-reaching structural reforms, privatization, and the opening of
markets to foreign ownership and competition."
Which proves our point: private wealth needs Greece. Greece does not
need private wealth.
Greece's elected politicians have plunged the country into a spiral
decline, as austerity leads to greater economic crisis, more severe
failure of public finances and social and economic hardship on a
unknown since the inter-war years.
Is there anybody on earth who seriously believes that austerity will
restore the prosperity of Greece? The idea is ludicrous.
But equally ludicrous is the idea that there is no alternative.
There is an alternative.
In reality, austerity marks the final
failure of the existing arrangement between public interests and the
interests of private wealth. Financial liberalisation has failed. The
only way forward is a new arrangement, based on ones that have better
served societies since the dawn of civilisation: since Aristotle
identified the evils of usury and the barrenness of prosperity based
The first step must be the abandoning of the Euro.
The Euro must be understood not as a currency of the peoples, but as
an ideal of private wealth.
The Euro is a perversion of the greatest monies in history. These
arose as a relation between people and the state. Through the
institutional development of central banks, domestic banks, state
borrowing, paper currency and double-entry book keeping, national
monies have underpinned all of the greatest societies of the world.
Money has been aimed at the interests of society, of productive
labour, and vibrant state and private activity alike.
But the Euro is a money aimed only at the interests of private
It is divorced from individual nation states. Its statutes explicitly
prohibit the support of state activity through money creation, while
its foundation in monetarist doctrine inhibits private activity and
has led to a world devoid of markets, at the mercy of large financial
Greece must restore the Drachma.
If Greece restores the Drachma, social, private and financial
interests can be re-aligned; prosperity can be reignited. Issued
through the central bank and domestic retail banks, the Drachma can
underpin a programme of public works expenditures, and in parallel,
through multiplier processes, the spending of newly earned income to
revive private activity in Greece. Through the Drachma, jobs and
prosperity can be restored. The expertise to facilitate such a
transition exists, moreover the very nature of money guarantees
precedent on which action can be based.
It has been done before -- successfully
The last time the world
off the chains of private wealth was in the 1930s. Then, Britain led
the way. In September 1931, financial interests demanded high
rates and austerity as the impact of the Great Depression hammered
people. At this point Britain, like Greece today, became defiant. The
UK threw off its fetters and left the gold standard -- the Euro of a
Under Keynes's tutelage, Sterling was revived as a money managed by
the Bank of England and protected from speculative and vested
interest. Then in 1934, President Roosevelt freed the dollar, and
it, the people of the United States, who then embarked on the finest
programme of public works expenditures known in modern history.
Great public buildings were erected, symphony orchestras established,
writers were sponsored -- not least John Steinbeck -- fantastic
created, swimming pools built. When, in 1935, a socialist government
took power in France and freed the Franc from the fetters of the gold
standard, only the fascist economies remained in thrall to private
Interrupted by war, and diluted at Bretton Woods in 1947, finance was
still restrained as servant not master through the age of economic
social advance from 1945-1970.
Today, the likelihood of the UK or US once again taking this lead --
and defending society from the predations of private wealth -- is
indeed. But there is no theoretical reason why the lead should not be
taken by a smaller nation -- like Greece.
The history of the world teaches us the ebb and flow of prosperity
between nations. It would be fitting too if a new era was to arise
from the cradle of western civilisation.
Certainly Greece would feel the full force of the anger of private
wealth, through their allies in the media, academia and politics. But
this will follow from fear -- not reason.
Because Greece will show the world not only that there is an
alternative, but that the alternative is very good.
To read more, visit PRIME -- Policy Research in Macroeconomics.