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On truisms and reality

By Chris Clancy
web posted October 29, 2012

Election 2012 is drawing to a close. The finishing line is in sight. And not before time.

Obama's first term has been quite a learning experience – for him, his loons and the rest of us - a not-to-be-repeated example of just what happens when a bunch of liberal academics, supported by a liberal media, are put in control.

By whatever metric you care to choose, it's been a complete disaster.

As the presidency has unfolded it has, more and more, come to resemble something from a Marx Brothers farce. It's as if they wrote down every mistake that could be made at the beginning and then set about making them. The result: at home the economy remains on life-support, moribund, while abroad the country is viewed with even more derision, hatred and contempt.

Thank you Mr. President!

There's only one person on the planet who could possibly take any heart from it – Jimmy Carter – who can now pass from this world safe in the knowledge he won't be remembered as the worst President in living memory.

The twentieth century taught us three great truths:

  • That there is just one way, and only one way, of lifting the masses from poverty to prosperity. That is, by the combination and application of free markets, property rights and sound money. Period.
  • That socialism has never, can never and will never work. Even when started in its most benign form, it is a system which almost inevitably grows to a point where it becomes unsustainable. How many times does this lesson have to be learned?
  • That the wanton abuse of fiat money was the root cause of so much that went wrong in politics and economics. That it set the twentieth century apart in terms of wealth destruction - like no other before it – and that it continues to wreak havoc to this very day.

These three things are truisms.

Milton Friedman put the first as well as it could be put:

"So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system."

Margaret Thatcher nailed the second:

"The problem with socialism is that you eventually run out of other people's money. " 

And as for the third, Henry Ford said it all:

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before morning."

The Obama administration has been guilty of ignoring all three of these self-evident truths.

Why?

Because to recognize them for what they are would be to accept ideological bankruptcy of the highest order – not to mention something far more down to earth – like putting at risk their high profile and lucrative careers.

Are you getting this Alan Colmes et alia?

They are content to carry on making a very good living by knowingly advocating lies – very cleverly dressed up lies I'll admit – but lies all the same.

And after four years of Obama and Co. we've now reached a point of no return.

Any more of it and maybe survivalist's worst predictions (or should I say dreams) could well come to pass. Liberal academics may find they no longer have time for cosy chats about how lovely life would be in their worker's "utopia" – instead they may be more concerned about defending what's theirs – or what's left of it!

If people can't put food on the table to feed their families, they'll go out and do whatever they have to do in order to get it.

There's another truism to chew on!

Mercifully, however, this is not how things are going to pan out.

On November 6th, Romney will win comfortably. This is not a close race and never was. The result of the 2010 mid-terms made this clear. Ignore the polls – they're an example of modern-day media theatre – there's no interest in, or money to be made from, a one-sided contest.

It's just a side-show, a fantasy, a game.

It does not reflect reality.

Instead, reality for all too many Americans is about not having a job or even a half-decent prospect of getting one. It's about not having the dignity that goes with earning your own keep - providing for your own family - or even just having a few bucks in your pocket. And reality for many of those actually in work isn't much better. They work day to day, living in dread of the pink slip arriving – they aren't happy - and they aren't spending.

In other words, more than enough people have had enough and are saying, "Enough is enough!"

The majority of Americans are not going to vote for more of the same – because that's all that's on offer – nothing but more of the same.

This is one reality, or truism, which even liberals can't lie about. ESR

Chris Clancy lived in China for seven years. Most of this time was spent as associate professor of financial accounting at Zhongnan University of Economics and Law in Wuhan City, Hubei Province. He now lives in Thailand where he spends his time reading, writing, lecturing and, whenever he gets the chance, doing his level best to spread Austrian economics.

 

 

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