The Good News About the Bailout

We just had a $700 billion bailout bill that was signed into law and done in defiance of the American people at large. This money is on top of many more billions that have already been spent bailing out Wall Street. We have a runaway government and we will likely experience economic depression or very high inflation, or possibly both, in the near future. Yet, I am smiling about the whole thing.

It is hard times for many people and I certainly sympathize with them. Our own government is raping us and it is a shame that we have to go through this. But there is certainly a lot to be positive about. Last year, Ron Paul triggered a small but significant revolution in this country. Although the results were somewhat disappointing, we can’t ignore that he received 1.2 million votes and seemed to awaken many people.

Perhaps I am smiling because the Austro-libertarians have been vindicated with this whole mess. Ron Paul has been warning people for years about the Federal Reserve and the distortions in the market. Anyone paying attention can see that he knew what he was talking about. We should not feel that we can’t point out that the Austro-libertarians were warning of this years ago.

Perhaps a bigger reason for my smile is being vindicated amongst other libertarians. Now many other libertarians will not see it this way at this time. I often get down on the future prospects for liberty and how seemingly irrational many people are. But it often amazes me just how negative other libertarians are about the future. Many libertarians think of the general population as the “dumb masses.” Sometimes it’s hard to disagree, but I have had a sense over the years that people, and the American people in particular, are more rational than many of us give them credit for.

This last week, Americans awoke from a deep sleep. Or maybe they were already awake, but we didn’t know it yet. Congress got flooded with calls opposing the bailout. One Congressman said that the calls to his office were running 50–50; 50% no and 50% hell no. Although the majority of Americans still don’t understand inflation and the boom/bust cycle very well, they instinctively understood that Americans were being ripped off with this bailout and that the government officials were simply rewarding their friends on Wall Street who had failed. Even as far as rising prices, many more Americans are realizing that the cause is monetary inflation, although we probably don’t have a majority that understand this yet.

We have a lot to be positive about. Now you may think that is crazy because Congress still passed the bailout bill, despite strong opposition from constituents. Now don’t expect all of these people to be voted out of office next month who voted “yes” on the bill, but this cannot go on forever. First of all, the empire is coming crashing down. Even if this weren’t the case, it won’t matter over time. Americans are becoming far more well informed than in the past. The internet allows us to communicate to each other quickly and effectively and expose many of the lies of the politicians. When a large number of Americans finally withdraw their consent, the government will no longer function as it does. It will come crashing down, much like the Soviet empire did.

Americans are realizing in large numbers that the government is not their friend. With Congress defying the will of the people, it made people angrier. It basically shows the whole system as a sham and that we don’t have representative government.

It has also been fun watching the news the last few weeks. I heard one commentator after another saying that they have to pass this bill, despite strong opposition by the people. Some were more direct than others in saying that “the people just don’t understand.” But this time, the people understood all too clearly. No matter which way it was spun, the people understood that their own government was taking advantage of them. And on top of that, it exposed the elitist and out-of-touch mentality in the mainstream media (both Republican and Democrat).

It has all been fun to watch. Speaking of fun, if you really want to have a good time next weekend, get together a big group of friends and line up outside a bank in your neighborhood. Call the local news station. You can cause a bank run and expose how fragile our fraudulent banking system is. Okay, I’m really just kidding about this. In fact, it is probably illegal, so don’t even consider it.

Libertarians can take advantage of this time in history. It could be a tipping point. For once, we have a large majority of the people on our side. Let’s continue to expose the Federal Reserve and the government as a whole as the corrupt and evil organizations that they are. People may be more open to radical libertarian ideas now more than ever.

Let’s continue the revolution that Ron Paul triggered last year and let’s also have some fun doing it. I continue to see hope for the future as the American empire is quickly crashing down.

Article written by Geoffrey Pike
Lew Rockwell.com
Wednesday, Oct 8, 2008

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Comments on The Good News About the Bailout

November 16, 2008

Financial Advisor @ 12:21 pm #

Existing federal banking laws say that no bank can have more than 10 percent of the domestic deposit market — a threshold recently surpassed by all three superbanks, Bank of America, JPMorgan Chase and Wells Fargo.

The reason limits on market share were put in place were so banks didn’t get so big they’d become monopolies that could risk the whole economy, explains Atul Gupta, finance department chair for Bentley University in Boston.

But now the government appears to be pushing banks in the direction of more consolidation. The Treasury is pouring some $250 billion of taxpayer money into healthy financial institutions, and some of that is being used by stronger banks to snap up weaker rivals.