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GETTING IT GOOD AND HARD by PETE HENDRICKSON
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10/18/2011 10:13 PM
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GETTING IT GOOD AND HARD
by PETE HENDRICKSON
Over the course of the last 100 years, Americans have foolishly indulged the dangerous conceit of imagining themselves able to discern angels from devils, and that angels are to be found amongst their own ranks. This has led to a laxness in our proper jealous regard for our liberties and the rule of law, and deeply-misplaced confidence in the good-faith and competence of public officials.
We should have known better, and at one time we did. "Let us hear no more of faith in the goodness of men in high office, but bind them down by the chains of the Constitution!" thundered Jefferson, and for a long, prosperous time, that's how we rolled.
Jefferson's attitude served us very well indeed for 125 years or so. But early in the last century we got so rich, and so full of ourselves, and so misled by pretentious official pomposities that we let slip the chains. As H. L. Mencken warned us at the time, we have since gotten the government we deserved for our foolishness, and we have gotten it good and hard.
LET'S LOOK AT JUST ONE OF THE PRICES WE HAVE PAID FOR BEING TAKEN IN BY "GOOD GOVERNMENT" EYEWASH...
In Tom Woods Jr.'s recently-published 'Back on the Road to Serfdom' (ISI, 2010), PhD historian Brian Domitrovic contributes an essay titled 'Economic Policy and the Road to Serfdom: The Watershed of 1913'. In it, Domitrovic points out that except for a couple of years afflicted by abortive governmental interferences in the natural economy (involving the clearing of the accumulated ill-effect of "greenback" fiat currency circulated during Lincoln's War, and a flirtation with the monetization of silver in the 1890s), American economic growth during the 50 years prior to 1913 AVERAGED a muscular, extraordinarily prosperous 5% PER YEAR!
What's more, neither unemployment nor inflation existed during this period at all.
In 1913, everything changed. The engine of monetary debasement known as the Federal Reserve was successfully fastened upon the body politic that year. Injections of fiat currency and manipulated interest rates began poisoning the economy almost immediately.
That same year, the income tax was revived after a 40-year slumber. Unlike the Fed, the income tax began its new run benignly, functioning as designed and capturing for public benefit a portion of the profits enjoyed by those using public resources to make their money.
Within just over a quarter-century however, subtleties of its design had allowed revenue-hungry governments to begin mis-applying the tax. By 1940, the siphoning of increasingly large volumes of wealth out of the hands of independent producers and its reallocation for political and private benefit by means of that mis-application had commenced.
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[link to www.losthorizons.com]
Last Edited by SPUD on 10/18/2011 10:44 PM