INTRODUCTION by Hugo
Adan
This is a critique
from the view of Henry Hazlitt - a follower of Mises and Hayek- to the followers of Keynes economics.. the
line follow by Obama and to be continue by Hillary, if she wins the electoral
race. Keynes economy is a disaster nowadays, the debt accumulated is draining
the entire neoliberal system. The 2nd global recession -similar or worse than the
one in 1929- is at portas. The debt and associated corruption has been
diagnosis as its main problem. If this is true, we are at the end of the road.
The only choice to expand this system is war. With WW3 the mafia of financiers are
planning to get most valuable resources and labor accumulated in Russia and
China. The only problem is that this nations also have nuke power and they are not
going to surrender, as never happen in human history. If the destruction of
those nations occur, the greed of global big corporations will be satisfied ..
At what social cost?. Russians are ready to face challenge, they built huge
bunker to their nation. We did nothing to face a counter attack, only the .1%
of the rich has bunkers inside and abroad. The Nation is totally dis-protected.
Top commanders believe that there won’t be chances for them to respond to our
massive first strike. But their satellite are alert in the other side and their
nuclear submarines are already close to our coasts. We better start thinking in
a multipolar post-neoliberal economic system and thinking in re-starting a plan
to de-nuclearize all weapons top-down. There won be winner is the WW3 start. We
have to choose between life and barbarie. ( Hugo Adan. Oct 11, 2016 )
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INTRODUCTION by Mises-Hayek followers
A million copy
seller, Henry Hazlitt’s Economics in One Lesson is a classic economic primer. But it is also much
more, having become a fundamental influence on modern “libertarian” economics
of the type espoused by Ron Paul and others.
Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.
Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.
Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.
Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.
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Despite overwhelming factual
evidence that crackpot Keynesian
spending machinations; debasing the currency;
interest rate manipulation; globalization; perpetual war; incurring un payable
levels of debt; making $200 trillion of unfunded welfare promises; has
created a seething anger across the land, Hillary Clinton and her establishment flunkies
propose doubling down on those same failed policies.
IGNORANT VOTERS ARE OUR BEST KEY TO WIN Image at http://pbs.twimg.com/media/Ctx9-8HWgAAMAOv.jpg
“While every group
has certain economic interests identical with those of all groups, every group
has also, as we shall see, interests antagonistic to those of all other groups.
While certain public policies would in the long run benefit everybody, other
policies would benefit one group only at the expense of all other groups. The
group that would benefit by such policies, having such a direct interest in
them, will argue for them plausibly and persistently. It will hire the best
buyable minds to devote their whole time to presenting its case. And it will
finally either convince the general public that its case is sound, or so
befuddle it that clear thinking on the subject becomes next to impossible.” Henry
Hazlitt, Economics in One Lesson
One of the benefits
of running a blog for the last seven years has been interacting with so many
smart people. During these daily interactions I am introduced to new ideas,
different points of view, and become acquainted with a plethora of great
thinkers. When I was younger, before kids, long commutes, running a blog and
being beaten down by life, I was a voracious reader. My regular commenters direct
me towards writers and books I wish I had read in my twenties rather than my
fifties.
But I guess it is
never too late to learn something new. I’ve now read the first two of the four
books I bought myself at Christmas: The
Law by Frederic Bastiat; Economics
in One Lesson by Henry Hazlitt; The
Road to Serfdom by F.A. Hayek; and Tragedy
& Hope by Carroll Quigley. What is so striking after reading The
Law (written in 1850) and Economics in One Lesson (written in 1946) is
humanity’s foibles, belief in fallacies, and ignorance of economics hasn’t
changed over the last two centuries.
Bastiat & Hazlitt
are so clear and concise in their obliteration of the fallacies that socialism and government
control of the economy are beneficial to society, that only a
brain dead liberal, Ivy League economist, mainstream media shill, or a corrupt
politician like Hillary Clinton wouldn’t understand. Clinton and her government
interventionist minions play the game of promising “free” goodies to their special interest
constituents, while promising to punish their enemies (the rich, deplorable middle class, coal industry, gun
owners, religious conservatives, entrepreneurs, Russia, Assad).
The narrow minded focus of
mathematically challenged liberals is to get elected by any means necessary. They tout the benefits of their new
programs on the particular group they are buying votes from, without mentioning
the costs, detriments or long term damage to the country and unborn
generations. Politicians count on the ignorance of the populace when presenting
simplistic fallacious policies that are economically damaging to the country.
That’s how you end up $19.5 trillion in debt, with $200 trillion of unfunded
welfare liabilities.
Corrupt politicians sell their
deceits to a government educated dumbed down population by hiring highly
educated lackey economist whores who sell their “expert” opinion to the highest
bidder.
A vast swath of the American public has been conditioned through
government education and had their minds molded by establishment manipulators
to feel rather than think. People believe untruths and half-truths because they
have been conditioned to do so.
They say the truth will set
you free. But in
today’s society, silence about the truth will keep the masses enslaved in
passivity and apathy. Huxley realized 85 years ago the truth could be drowned
in a sea of distractions and irrelevance. Those who have controlled the unseen
mechanisms of society through the educational system, mass media, think tanks,
“experts” and corrupt politicians have successfully used propaganda to instill
ideas and beliefs in the minds of the masses having no basis in fact or
reality.
The unseen government behind the
curtain represents the Deep State. This hybrid association of key players from Wall Street, Silicon Valley,
mega-corporations, the corporate media, Madison Avenue, the Federal Reserve,
shadowy billionaires, and bought off politician hacks, effectively governs the
United States with little or no consent of the governed. It’s they who pull the
wires directing the public mind. It’s they who choose your leaders. It’s they
who reap the economic benefits of financial, trade, and tax legislation.
It’s they who are saved by
their puppets at the Federal Reserve when one of their financial fraud schemes
blows up the world. It’s they who control the currency, using it to pillage the
wealth of the nation and subjugating the peasants to debt, inflation and
squalor. These demagogues
promote nonsensical economic policies and solutions designed to mislead an
intellectually lazy, iGadget distracted populace into voting for their
hand-picked candidate. They picked a black figurehead last time and now they
are playing the woman card with a morally bankrupt congenital lying shrew.
Intellect, morality, civic responsibility and truthfulness not required or
desired. This political campaign can be summed up by this Hazlitt quote:
“It is often sadly remarked that the bad economists present their
errors to the public better than the good economists present their truths. It
is often complained that demagogues can be more plausible in putting forward
economic nonsense from the platform than the honest men who try to show what is
wrong with it.
But the basic reason for this ought not to be mysterious. The reason
is that the demagogues and bad economists are presenting half-truths. They are
speaking only of the immediate effect of a proposed policy or its effect upon a
single group. But to consider all the chief effects of a proposed course on
everybody often requires a long, complicated, and dull chain of reasoning. Most
of the audience finds this chain of reasoning difficult to follow and soon
becomes bored and inattentive. The bad economists rationalize this intellectual
debility and laziness by assuring the audience that it need not even attempt to
follow the reasoning or judge it on its merits because it is only “classicism”
or “laissez faire” or “capitalist apologetics” or whatever other term of abuse
may happen to strike them as effective.” ? Henry
Hazlitt, Economics in One Lesson
Hillary Clinton and her paid for
bad economic “experts” propose new spending programs with no valid means for
paying the bill. As
expected, they count on the intellectual laziness of the electorate by
declaring it will be paid for by “taxing the rich”. This classic rallying cry
of liberals for decades is nonsense that can be discredited in short order by
the facts. Taxing the rich will never yield enough revenue to pay for all
the additional vote buying spending schemes because the rich alter their
behavior in retort to increases in tax rates. Federal tax revenue has been
exceptionally constant at an average 17.4% of gross domestic product in the
last 50 years even as the top marginal tax rate fluctuated between 91% and 28%.
Open graphic:
FEDERAL TAX RECEIPTS AS PERCENTAGE
OF GDP
at: http://upload.wikimedia.org/wikipedia/commons/7/75/U.S._Federal_Tax_Receipts_as_a_Percentage_of_GDP_1945%E2%80%932015.jpg
The surge in 2000 was
due to the REDUCTION in the capital gains tax rate in 1997, coupled with the
Fed’s first major bubble – the internet boom. Hillary’s boasting about Bill’s “surpluses”
is disingenuous as gridlock in Congress led to no new spending, Greenspan
created a bubble in pets.com and hundreds of other worthless internet companies
and lower capital gains tax rates led to a major inflow of taxes into
government coffers. And Hillary’s lies about Bill’s surpluses can be dispatched
by the facts.
The national debt was
$4.2 trillion on the day he took office and $5.7 trillion on the day he left, a
36% increase, with no year where the national debt declined. Fake government
accounting doesn’t trump the facts. But he did repeal Glass Steagall, allowing
Wall Street banks free rein to pillage, steal, defraud, and destroy the global
financial system. The $159 million in speaking fees (aka bribes/payoffs)
siphoned from Wall Street banks and other corporate interests by Hillary and
Bill were a great big thank you from the beneficiaries of their deceit.
No matter what
politicians promise or legislate, Federal tax receipts will never exceed 20% of
GDP. The “rich” who
actually run the show and rig the system in their favor will always win. Even
if Clinton is elected and able to put forth legislation to “tax the rich”, by
the time it gets through Congress it will be 2,500 pages of exceptions,
loopholes, and payoffs to important constituents who bought the most
legislators. The increase in tax revenues will be DOA. But it will not be so
when it comes to her spending proposals.
Increasing the minimum wage,
equal pay for women, more war in the Middle East, free daycare and free college
for all will happen in some form. That’s why Federal expenditures
have averaged 20.2% of GDP for the last 50 years, are on automatic pilot to
reach 23% in the next ten years, and will keep rising according to the CBO.
This is a typical ploy for Washington politicians who make financial promises
to garner votes, front load the benefits, push costs into the future, and never
pay the bill. Well the bills are coming due and you the taxpayer are the one
getting screwed – again.
Bastiat
railed against the socialists ruining the French economic system in 1850.
Hazlitt pointed out the fallacies of FDR’s New Deal make work schemes in 1946.
Their facts and logic were unequivocally sound, but understanding math and
unseen consequences have never been the strong point of humanity. It’s so much
easier to believe “experts” like Larry Summers, Ben Bernanke, Paul Krugman and
Hillary’s personal economist lapdog – Mark Zandi.
These shills for the
establishment purposefully ignore facts and mislead the public when they
arrogantly expound upon economic issues in an untruthful manner. These feckless
captured hacks ignore basic truths, articulated by Hazlitt, that everyone
should know:
Everything we get must in some way be paid for; Government has
nothing to give to someone without first taking it from someone else; Increased
handouts to selected groups mean increased taxes, or increased deficits and
increased inflation.
These Keynesian worshiping Ivy
League apparatchiks are just recycling ancient ideas which have failed
throughout the ages. They are willfully ignorant of the previous
failures, as they prefer a big fat payday from the establishment for
perpetuating fallacies which keep the peasants misinformed and confused. These
morally bankrupt men are what pass for brilliant thought leaders in this day
and age. No wonder the country is on the edge of an economic abyss.
Both parties have
embraced the “deficits don’t matter” mantra because nothing bad has happened so
far. Their ignorance of the past will condemn us to repeating the errors of
history and experiencing the disastrous consequences which always follows the
folly of believing you can get something for nothing.
“The ideas which now pass for brilliant innovations and advances are
in fact mere revivals of ancient errors, and a further proof of the dictum that
those who are ignorant of the past are condemned to repeat it.” ?Henry
Hazlitt, Economics in One Lesson
The common theme from
ancient obfuscators during the time of Adam Smith down through the ages to the
current gaggle of sophists is that economics is too complicated for the average person to understand;
therefore they should not even attempt to follow the reasoning or judge the
merits of asinine voodoo economic tripe sold by arrogant Ivy League academics
on behalf of the establishment for blood money. These
traitorous reprobates do not give a rat’s ass about the citizens of this
country, the long-term future of the country, or the truth. Their sole concern
is for their reputation and personal gain from peddling false narratives on
behalf of crooked politicians and wealthy bankers.
Despite overwhelming
factual evidence that crackpot Keynesian spending machinations; debasing the
currency; interest rate manipulation; globalization; perpetual war; incurring
unpayable levels of debt; making $200 trillion of unfunded welfare promises;
scorning and ridiculing those who propose living within our means; record
levels of wealth inequality; stagnant wages; the loss of good paying jobs; and
permanent recessionary conditions for 90% of America; has created a seething
anger across the land, Hillary
Clinton and her establishment flunkies propose doubling down on those same
failed policies.
The elitists in charge
disparage and deride prudence, saving, minimizing debt, marriage, working, and
all beneficial traits which produce a strong family unit. They glorify degeneracy, shallow displays
of idiocracy, dependency, hate, censorship, and moral turpitude. Adam Smith
noted the irrationality of bad economists in 1776 at the outset of this now
crumbling empire:
“What is prudence in the conduct of every private family can scarce
be folly in that of a great kingdom.”
….
In Part Two of
this article I will tackle the biggest single issue confronting this nation,
which is never broached by Hillary Clinton or any politician because the debts
they have recklessly run up will inevitably destroy our country.
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