He had Allen Blinder or something like that ,andabsolute idiot form Bernanke's Princeton. He said no one could see thecrisis coming. My god, RP has been screaming to the rafters for years on national tv , and nobody saw this coming. The other guy was some monetarist apologist. No Austrian. I have never seen an Austrian or any stripe of classical liberal on Charlie Rose or on any PBS show for that matter ,so I wrote this comment on the page of the website for tonights show. ONe of only 6 comments.
When everybody is thinking the same thing, no one is thinking. Mr. rose has never ,to my knowledge ,had a solid austrian economist on the show to give a solid repudiation of the keynsian and monetarist ideas that brought us to this juncture. It is encumbent upon Mr. Rose and PBS to take this seriously and expose the american public and it's lawmakers to Austrian theory, which warned of tthe fundamental outlines of this crisis with clear thinking and philosophy. May I suggest having Representative Ron Paul, ranking minority member of the House Banking Committee on to counter Mr. Binder's drivel, or someone of Mr. Paul's choosing. Dr. Paul has been making specific warnings for decades, in public, for all to see on C Span or CNBC at House Banking committee meetings. Statements that no one saw this coming are patently false and self serving excuses for those who led us into mess This is more than a failure of regulation. the market isthe best regulator. But the banking system was removed from market discipline in stages since 1864. the establishment of the Federal Reserve in 1913 put the full might of the US government in the enforcement of a private cartel centered around the New York Federal Reserve. All physical restraint on the grreed of the Federally sponsored cartel was removed when Nixon defaulted on the promise of gold dollar backing in 1971. Inflation immediatly accelerated and never looked back. The backdrop of the housing crisis was the assumption by both lenders and borrowers that housing always goes up. And if housing didn't go up, then the Fed would print enough to make it go up. And if that didn't work then we are all going down ,so I might as well get my loan commisions, or get my house now, because we all will go down together. Thus is not a failure of the markets, it is a failure to even have a free market in the issuence of money. this is why the founders specifically prohibited the present monetary system in two clauses of the Constitution. The prohibition against the States emiting Bills of Credit, and the requirement that only payments of gold and silver coin may be accepted by the States. The Fed is the third National Bank. The First waas established By Hamilton, as he understood that inflation was necessary to pay for the war he so desperately wanted. Jefferson bridled the first National Bank. The Second National Bank so incensed the people that it brought the first victory of the Democratic party, sweeping Jackson into the Whitehouse. The Third NationalBank, aka ,the federal reserve System, was in fact written by Paul Warburg, a prominent New York banker, and ratified in a secret meeting at Jeckyl Island that was attended by all the major New York Banking interests a few years before it's final enactment. Wilson would later admit tthat signing the Federal Reserve was the greatest error of his administration. Google Jeckyl Island. Mr. Rose, please do your duty, and get some real alternative views heard. The danger of the present course is hyperinflation. Hyperinflation literally starves the population. It destroys society completely. It laid waste to the German middle class in the early 1920s during the Second Reich aka Weimer Republic, and was a major factor in laying the groundwork for the rise of National Socialism. Hyperinflation is starving the population of Zimbabway now. Zimbabway lays bare the keynesian philosophy of Mr. Binder. If inflation cured unemployment, zimbabway would paradise , not suffering 80 percent unemployment. then there is Argentina, and the France of John Law, and then post Revelotion France,Every fiat paper monetary system in the history of the world has eventually failed, bringing ruin, or at least deep deprivation to it;s issuer. Please interview Ron Paul, or folks of his choosing, and pit them against Mr. Binder,or any other Keynesian, or Monetarist for the Federal Reserve. Philip Berg Libertarian Candidate for Congress California District 8 San francisco vs. Nancy Pelosi www.choosepeacenow.us