Everybody’s Problem
We’ve noted the tendency of insufferable busybodies to make, magnify, or invent messes… and then “solve” those problems by making them worse.
In doing so, the do-gooders enhance their status, inflate their finances, and divert attention from more serious shenanigans happening off-stage. Today we retract the curtain, and shine a light on the prime protagonist of most public pathologies.
Paw Prints
CS Lewis considered Pride the worst of the deadly sins, because it was the source and stimulus of all the others. Among government institutions, the same can be said of the Federal Reserve.
We know the Fed isn’t technically a government agency. Officially, it’s a State-sanctioned “private” cartel whose governors happen to be appointed by the President, approved by Congress, and serve at the behest of big banks.
“The Creature from Jekyll Island” was constructed a century ago at a clandestine conclave off the coast of Georgia, to which top-tier Senators, Wall Street barons, and captains of industry traveled under assumed names.
By the time they‘d settled into their dining cars for the return trip north, the foundational concrete had been poured. The meeting was secret, but the fat cats left enough paw prints in the cement to let us know who was there, and what they did.
Using the Panic of 1907 as a handy excuse to erect an edifice they’d long wanted to build, these luminaries gathered to ensure that “the system” would never again be compromised by the irresponsible acts of a few bad banks.
Instead, from then on they’d all be in on the scam! Their new “lender of last resort” would serve as a controlled croupier, dealing financial favors from the bottom of the deck.
No longer would a few rogue banks over-extend themselves atop the inverted pyramid of diminishing reserves. Now, every bank would do so. And the process would be carefully coordinated by a new captain, steering a hull that hauls its own icebergs.
Sophisticated Consigliere
The government, as comedian Dave Smith put it, is the mafia masquerading as a human rights organization. The IRS is its street-corner muscle, the brass knuckles that instills fear to empty pockets.
The Fed is a more sophisticated consigliere. It operates behind the scene
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
