Category Archives: libertarianism

UPDATE II: A Capsizing Debt

Debt, Economy, Federal Reserve Bank, Inflation, libertarianism, Republicans

“The United States is facing a crushing burden of debt – a debt that will soon surpass the size of the entire U.S. economy and ultimately capsize it if left on its present course. This is not the future of a proud and prosperous nation. It is the future of a nation in decline.” Republikeynesians have come a long way; this is their description of the debt crisis in “Path to Prosperity: Restoring America’s Promise” (PDF)—the House Republicans’ 2012 budget proposal, authored by the House budget committee’s chair, Paul Ryan (R-WI). And although the role of the Federal Reserve Bank in monetizing the debt is finessed—this is still more than we’ve come to expect from the GOP:

“The lenders who buy much of the federal government’s debt have noticed the disconnect between the government’s perilous fiscal situation and the low rates of interest it is paying on the bonds that constitute the government’s debts. Some have even decided to purge their portfolios of U.S. debt, and others are advising their clients to do the same.

“Through its interventions into the economy, the Federal Reserve has recently become the largest buyer of government debt in the country, and these purchases have helped keep interest rates low. But the Fed is scheduled to stop making these purchases this summer. Congress must show the market that it has a credible plan for getting the national debt under control, in order to ease concerns over the government’s creditworthiness and stave off an interest-rate spike.

… nearly every fiscal expert and advisor in Washington has warned that a major debt crisis is inevitable if the U.S. government remains on its current unsustainable path. The government’s failure to prevent this completely preventable crisis would rank among history’s most infamous episodes of political malpractice. …”

Of course, the actual steps proposed to ward off stagflation and hyperinflation are not nearly as drastic as they ought to be.

MORE.

UPDATE I (April 6): Vox Day, on Sean Hannity’s radio show, warns of “The Return Of The Great Depression.” A good reality check is my interview with Day, my WND colleague, “Great Depression 2.0’: An Interview with Vox Day.”

Mr. Hannity seemed eager to pick Vox’s brain about prudent investments during a depression. Asset protection, says Vox, is essential, over and above a focus on returns: metal and companies with a real business model; companies that also provide real services.

Listen to the interview. Notice the alarm in Sean Hannity’s voice. Austrian economists such as Vox Day have not wavered in the “apocalyptic” predictions they’ve been making. This column was warning in 2003, if not earlier, of the consequences of endless debt, credit expansion, and the dangers of hyperinflation. As did I explain to those who bothered to listen that production, not credit-fueled consumption, was whence came wealth.

UPDATE II: To Myron, below: Your cynicism alert and my point are not mutually exclusive. The GOP has come a long way, thanks to the Tea Party, in accurately describing the coming, and calamitous, effects of the debt. We both agree that it’s too little too late.

Natural Law Vs. The War Powers Resolution

Constitution, Foreign Policy, Just War, libertarianism, Natural Law, Neoconservatism, War

Modern statutes like the War Powers Resolution, the Iraq Resolution, and the Use of Force Act do not displace the constitutional text and the framers’ intent. But even if the Constitution approved of Barack Obama’s subterfuge in the matter of war powers—the natural law does not. Because it is rational and rooted in the very nature of man, natural justice is immutably true; it is the ultimate guide to what is right or wrong. And it certainly informs the work of historian Tom Woods and the mission of the King Dude (aka Mike Church).

Woods and Church (against the Imperial Presidency) are sparring with talker Mark Levin (in support of it). Woods has repeatedly deferred to the work of Louis Fisher, senior specialist in separation of powers at the Congressional Research Service of the Library of Congress, whose work I too galvanized during the Bush era war-powers abuse, in “UNNATURAL LAWLESSNESS” (here).

Tom Woods, The King Dude, and Fisher follow the framers and are thus formidable forces for liberty. To the debate between Messrs. Woods and Levin, I would add—and emphasize—only this point:

To the extent that the Constitution comports with natural law, to that extent it is good. To the extent that it does not jibe with natural justice, to that extent the Constitution is flawed. Even if the Constitution could be shown to support the many naturally illicit military forays conducted by successive American governments—it does not mean that these wars are/were just; only that they are/were legal. Contra classical natural law theory, legal positivism equates justice with the law of the state. However, while it may no longer guide most Americans, natural law must never cease to inform libertarians.

UPDATED: Liberty Vs. Libertinism

Classical Liberalism, Founding Fathers, Hebrew Testament, History, Left-Liberalism And Progressivisim, libertarianism, Liberty, Morality, Political Philosophy

Is there a name for the error of viewing history through the prism of contemporary moral standards (or sub-standards)? I had hoped that John Stossel would prod his guest, the progressive historian Thaddeus Russell, with his Socratic method of questioning, to tell us why it is that he, Russell, conflates libertinisim with liberty.

Russel’s banal history-from-below has it that we owe our freedoms less to the Founders’ political philosophy, than to the “saloons and speakeasies, brothels and gambling halls, to antiheroes such as drunken workers who created the weekend; prostitutes who set the precedent for women’s liberation, madams who owned land and used guns, and provided cutting-edge of fashion, … criminals who pioneered racial integration, unassimilated immigrants who gave us birth control, and brazen homosexuals who broke open America’s sexual culture.” (HERE.)

Yes, to listen to this progressive historian, the unions, and not the Hebrews, “created” the Sabbath. Actually, the Founders had quite the affinity for the Hebrew Bible—some of them even spoke Hebrew. (Horrors, that would have required a lot of that Puritanical mindset and discipline Russell bashed as regressive on the Stossel segment—as Hebrew is HARD.) They would not have needed “drunken workers” to teach them about the spiritual and ethical significance of some sort of Sabbath.

Walter Block makes clear in “Libertarianism And Libertinism,” that “as a political philosophy, libertarianism says nothing about culture, mores, morality, or ethics. To repeat: It asks only one question, and gives only one answer. It asks, ‘Does the act necessarily involve initiatory invasive violence?’ Libertarianism doesn’t have a position toward “pimping, prostituting, drugging, and other such degenerate behavior,” writes Block.

What then is the precise relationship between the libertarian, qua libertarian, and the libertine? It is simply this. The libertarian is someone who thinks that the libertine should not be incarcerated. He may bitterly oppose libertinism, he can speak out against it, he can organize boycotts to reduce the incidence of such acts. There is only one thing he cannot do, and still remain a libertarian: He cannot advocate, or participate in, the use of force against these people. Why? Because whatever one thinks of their actions, they do not initiate physical force.

Walter attests that he came to regret his earlier “enthusiasm about the virtues of these callings.” “Marriage, children, the passage of two decades, and not a little reflection,” he writes endearingly, “have dramatically changed my views on some of the troublesome issues addressed in this book. My present view with regard to ‘social and sexual perversions’ is that while none should be prohibited by law, I counsel strongly against engaging in any of them.”

Myself, I’m not so much a social conservative as my friend Prof. Block is. Rather, I believe in the paramountcy of privacy. If “civilization is the progress toward a society of privacy,” in Rand’s magnificent words, then sexual exhibitionism – homosexual or heterosexual – is anathema. The heroic and creative inner struggle is what brings out the best in man. My heroes are in the Greek tradition: Silent, stoic, principled yet private. Which means the Founders, and not Russell’s philanderers.

On the Fox Business website, Stossel promised that Russell would tell him “why his beloved founders actually wanted to keep the people docile and timid,” and why “Americans owe really overdue thanks to the libertines – the prostitutes, drunkards, and musicians.” Russel failed to deliver.

It is hardly surprising, or cutting edge history, as Russell would have you believe, that the American Founding Fathers did not favor prostitution, homosexuality, and infidelity. But it is worse than stupid for this progressive historian to cast these men, with their traditional mores, as enemies of progress. It demonstrates why we are losing liberty: Most people don’t even know to what they owe the peace, plenty and prosperity this country was blessed with and now risks losing.

UPDATE (MARCH 12): Robert Glisson, as penance for wasting your money on this progressive’s piss-poor output, you will have to buy a few copies of my new book for handing out (it’s due out on May 10).

Ilana Is Humbled …

Classical Liberalism, Ilana Mercer, libertarianism

To see herself featured as one of the “People Who Inspire” Kerry Crowel Jr., a young paleolibertarian friend on Facebook.

I’ve noticed that Facebookers often refer to themselves in the third person. I thought I’d try it just this once. (Glenn Beck of the not-so-Beautiful Mind does it too. Oh dear…)

Befriend me on Facebook.

Follow me on Twitter: http://twitter.com/#!/IlanaMercer