Wednesday, October 15, 2008

Our public servants and world leaders are lying fools


Prime Minister Kevin Rudd today blamed "extreme capitalism" for the global crisis and said the seed for the economic meltdown was sewn in the United States' reaction to the bursting of the dotcom bubble at the beginning of the decade.

Rudd is officially the most arrogant misguided socialist around, except for Chavez and Castro.

Governments look for any excuse to grant themselves new powers in a crisis, that they themselves caused. How did capitalism (i.e freedom) cause this crisis ? Since when does capitalism consist of:
  • a central bank setting the price of money for the entire economy?
  • a banking system based on fractional reserve lending ?
  • a compulsory medium of exchange for the entire economy?
  • massive financial and accounting regulations which change with the whim of each government ?
  • government endorsement or outright compulsion to invest in share markets for retirement purposes (401ks, superannuation) ?
  • American GSEs to sponsor home-ownership ?
  • The US gov't passing the CRA to pressure banks to take on risky loans.
  • Australian state governments, and the UK gov't, heavily restricting the use of land for new property development thus massively increasing demand and prices for existing homes ?
  • Generous welfare programs throughout the entire western world to attract millions of new migrants further placing pressure on the existing supply of housing ?
  • Australian grants and subsidies to first home buyers ?

Get government out of society, let it enforce contracts and uphold rights, and let people solve their problems.

As John Galt said in Atlas Shrugged - "Get out of my way !"