(Because it drew such a heavy response in the forum, the commentary below was originally scheduled to run on Wednesday for a second consecutive day. However, I went with a market-related commentary instead because of the large moves in bullion and the broad averages that had occurred the day before. RA)
Here in Colorado, it’s especially difficult to escape the vitriol and mudslinging of Campaign 2010. The closely watched Senatorial race between Democrat Michael Bennett and Republican Ken Buck has attracted a torrent of out-of-state money, and it sometimes seems as though all of it, a reported $750,000 a day, is being used to finance the attack ads that have come to dominate the local airwaves. Elsewhere in the country, it’s the same unpretty story — no doubt in part because Democratic candidates would rather not talk about, much less defend, President Obama’s heavy-handed initiatives. Thus, in the last few days alone do we find one Republican smeared with the charge of rape, and another, Rand Paul, accused of having tied up a woman 30 years ago and commanding her to worship a false idol. If you’ve been following the news, you know we didn’t make this up. Even the President got into the suppurating spirit of things recently, accusing the U.S. Chamber of Commerce of taking foreign money to back right-leaning candidates. But even the New York Times wasn’t buying it — nor, apparently, was anyone else — and it now appears the mainstream news media is simply going to let the issue die before their Anointed One makes even more of a fool of himself.
And yet, putting aside all of this toxic sludge, we find ourselves positively excited about the possibility that there is a revolution brewing and that actual political change may occur as a result of the election. Yes, we know – it doesn’t much matter whether the country elects Republicans or Democrats, the long-term results will always be about the same. But when we talk about revolution, it has less to do with changes in the political make-up of the House and Senate than with vastly larger changes taking shape in the hearts and minds of the electorate. For one, if conservative candidates romp, as seems likely, the mainstream news media (MSM) will have to face up to the reasons. Remember, it wasn’t too long ago that they were soft-peddling Obama’s line that he simply had not communicated his ideas with sufficient clarity. And before that, they carried his water with the argument that many Americans were not ready to accept a black man as president. Baloney. Now they may have to acknowledge a simpler truth — that Obama’s ideas are repugnant to most voters. Also likely to go down in flames is the untested notion that Tea Partiers are a bunch of right-wing racists.
‘Abolish the Fed’
If change is indeed in the air, one of the most intriguing possibilities we’ve heard so far is a plan from Gary North to do away with Federal Reserve. Although we’ve had our differences with Gary in the past on the issue of inflation vs. deflation, we have no problem deferring to him where the Fed is concerned. He is an expert’s expert on the subject, and in arguing to abolish the central bank, his heart is in the right place. Here is a link to his essay, which is too detailed and subtly nuanced for us to do it justice here. Suffice it to say, North has come up with a brilliant incentive that could mobilize voters on the issue. His plan would require the Treasury to sell all of the gold held by the U.S. Government to its true owners, the American people, at a price of $42.22 an ounce. Dare we suggest that, as the issue gathers steam and plays out in the press, voters might actually come to understand why it is in their best interest to dissolve the Federal Reserve System? Actually, even now, more than a few tea Partiers undoubtedly understand that the Fed exists, as North puts it, to defend the interests of a cartel of large banks. Exactly how the central bank does this is obscured by myriad layers of deliberate obfuscation, including Fed-speak by Bernanke and his predecessors, but also and most crucially by a news media too stupid and lazy to investigate and present the facts. Let the newsrooms beware: the lynch mob is just as angry with those who report the news as it is with those who make it. If the news media continue to play dumb even as more and more voters come to understand and believe that the Fed does indeed steal from the poor to support the rich, revolution’s first fusillade in November is going to turn into cannon and mortar fire in the years ahead.
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F.Beard,
In the case of american democracy it is voluntary for all except the Africans. It has been so since 1867. This voluntary political choice is not without its pressures, like Nash’s Non Co-operative Game Theory. The federal government began to defund the Republic and fund democracy with 10 Stat. 146 in 1851 when the progressives controlled congress by majority.
As for Roman money, look at Rome, it failed; only to try again here in the U.S.
Ignoring the history of money is very dangerous. PM has been here for along time, 5000 years. Right now a 1981 ‘copper’ is worth more than 1 cent embased high treason.
Study money and find puka shells, dentillium, tally sticks. Just do the homework to find a mean truth. I wish you were a Lawyer, a practicer of Law, and not a twister of truth – atturn ey. That simple distinction could change the world.
I have always just considered myself someone seeking truth, no matter who told it. To that end I have no party affiliation now that I’ve grown up. My leaning is toward the theory a Man’s home is his castle. What he does there is his business. On the other hand, what is done in public is my business under Individual Rights, publicly secured. So drink all you want in your own home. Take it on the Public Right of Way and kill – that act is voluntary acceptance of terminal punishment. We went wrong when we allowed the legislative drunks to kill, and not be punished according to their crime, can I say Teddy?
I believe what is understood here is propaganda about force. The People are FORCE, but; cowards today.
Madison arguing for a strong central government said something like this; Why fear a strong federal government when at any time we can bring forth 500,000 armed men to bring down tyranny. Today people hide behind words like Force because they will not stand against tyranny united. We are the Force. We are the Power. We are the Authority. Why are you afraid, when the government, and the legislature should be afraid? Guess why the American Public does not know that to be a Citizen they must be armed, and prepared to defend the Nation. If there is any one thing wrong here it is misplaced fear, that belongs in the hearts of the legislature. Ask the biggest tyrants in congress, they are the biggest supporters of disarming, and the worst about telling the truth about the obligation of Citizenship.