28 Dec 2008

Those Fighting for Economic Freedom Need a Good Halftime Speech

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I recently wrote a piece for Mises.org (should run soon) saying something to the effect that what more could the SEC do, than its handling of the Madoff Ponzi scheme, to prove that it’s doing an awful job and should be abolished? In other words, if one thinks that all this proves is that some heads need to roll and some priorities need readjustment, then this is an admission that the case for the existence of the SEC is non-falsifiable.

But while chasing my son around, outside the church on Christmas Eve (he was NOT going to sit quietly during the Mass that my parents took us to), it struck me: Those of us who have volunteered to fight the good fight against State power…Um, we screwed up pretty badly the last 6 months. I’m not saying we should quit, but I do think we should seriously think about HOW THE HECK DID THIS HAPPEN, and run the film over and over trying to figure out what we could have done differently.

One huge thing that occurs to me: We should have spent more time debunking the conventional story that the free market (and/or Fed allowing money stock to decline) caused the Great Depression, and then Roosevelt got us out of it. If that’s what you “learned,” then no kidding you’d fall for Paulson’s hysterical threats.

I am being serious with this post. Let’s think outside the box if you’ll forgive the cliche. (C’mon kids, let’s be pro-active and foment some synergy here, to implement some preventive protocols going forward…)

Last point: I am traveling and posts will not resume normal regularity until the new year.

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