The Left's uproar over the financial mess is fairly
typical. It's the end of libertarianism, American
inequality is the problem, and only the super-socialist
Barack Obama can fix this mess.
Well, libertarianism isn't dead. It never really lived. As
long as Peter can vote to take money from Paul, there will
never be a libertarian economy. The most I can hope for is
a mostly free-market. What the left-leaning fail to
acknowledge (or understand, I am not sure which), is that
the financial crisis that has been thus far averted is a
product of government subsidy, not the free market's
excesses. Bad loans were made at government direction.
Fannie Mae and Freddie Mac, and the derivatives made
possible by their drunken loaning, are the reasons for the
credit freeze. In the real world, the most sub-prime of
sub-prime loans would simply not be made. If you cannot
afford to buy a house, rent. The rest of us cannot afford
anything else. You do not have the right to a house - you
have the right to pursue a house.
To my original point, the financial crisis is not just an
American problem. The Europe Central Bank is being
pressured by member states and other trade partners to
coordinate a bailout in the amount of trillions. The United
Kingdon has seized two massive banks. Germany has approved
a plan that rivals the size of the American plan. By any
standard, these are socialist economies all.
The idea that socialism prevents such crises is absurd.
The red herring of inequality does not fly, either. Giving
more money to people who cannot otherwise create it is
pragmatically dumb and an invitation to systemic moral
hazard. What the latter day and modern day socialists do
not account for is that the wealth and income they want to
"spread around" (to paraphrase the world's greatest
anti-Hamiltonian, Barack Obama) has to be created by
someone (typically by way of a corporation - gasp!). As in,
we cannot print it. It must be made, a uniquely American
concept that has served the world well.
The centerpoint of the socialist attack is on these
producers. They use guilt. They employ strong arm tactics,
leveraging the powers of the government bureaucracy to
exact through taxation or regulation the resources needed
to further the "spread". An additional obligation to
society is created, a society that, perversely, does not
include the targeted donor. It is as if the founding
tenets of the American system do not matter in the least.
Individualism is only to be tolerated in subservience to
the collective. In reality, the Founding Fathers viewed
individualism as the collective. If you subscribe to
Barack Obama's view of the world, you must necessarily
redact a substantial portion of the Declaration of
Independence and consider Publius an alchemist.
When the house falls, as it has globally in the recent
financial crisis, where a suspension of incentives results
in calamity, it is the free market that is blamed. The
free market is simply the monicker we use for the aggregate
of human desires and production. It leaves no one behind
who accepts it. The socialist alternative demands that one
man rule over another because there is more of the former
than the latter. That is not a democratic republic. That is
a mobocracy.
----------------------------------------------------
Nathan Moore is a rare breed - a conservative thinker,
author and criminal defense attorney. He lives in
Nashville, Tennessee, and co-authors the political blog
http://www.MooreThoughts.com with his wife, and his own
criminal defense blog, the Moore Law Blog.
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