An Open Letter to the Financial Community

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Ron Paul is
the only candidate whose political philosophy is truly consonant
with free markets and a thriving financial community. All of the
other candidates, in one form or another, are just tired and time-worn
variations on the same tax-and-spend and mercantilist themes undermining
our economy. Just imagine for a moment the capitalist energy that
would be unleashed under a Ron Paul administration: no income tax
to confiscate hard-earned wealth, no heavy-handed, one size-fits-all
regulatory apparatus to hamper capital formation, no paralyzing
boom and bust economic cycles under a restored gold standard and
the end of fractional reserve counterfeiting. Without a Federal
Reserve bank to ignite bubble after bubble, including the latest
in the housing market and mortgage credit, would we even be sitting
here gnashing our teeth about a mortgage crisis and bandying about
cockeyed solutions impairing contractual rights?

While many
Republican candidates talk the talk about reducing taxes and fiscal
conservatism, very few walk the walk. Ron Paul is the only one who
has consistently opposed the unconstitutional war in Iraq and who
has exposed the harmful consequences, often unintended, of our interventionist,
empire-building foreign policy. Empire building and fiscal conservatism
are a contradiction in terms. War spending dwarfs all other, siphons
off resources from production to destruction, and typically leads
to economic and trade wars under a concept of total war including
boycotts, embargoes, protectionism and the like. Any candidate purporting
to flex America's might and to be fiscally prudent is engaged in
Orwellian doublespeak of the worst type. Only Dr. Paul is an impassioned
believer in a foreign policy conducive to fiscal health.

There is more.
A Ron Paul administration would seek to abolish the antitrust regulatory
and statutory apparatus and thus revive the imperiled market for
corporate control. While this might not curry favor with incompetent
and entrenched management teams, a healthy market for corporate
control is a surefire way to eliminate excess and promote economic
growth. Ron Paul is an ardent proponent of the free enterprise system.
This does not mean that he favors Big Business, which often is hand
in hand with government in restraining competition and looking for
subsidy and protection. Ron Paul favors open and free competition
with success grounded on customer satisfaction, not political handouts
and bailouts. Ron Paul is the only candidate who has read Bastiat
and thus understands the often invisible evil lurking behind every
political "solution" to promote economic growth or to
interfere with spontaneous market forces.

I implore everyone
in the financial community to come to your senses. Dr. Paul is the
only candidate whose policies can promote free and healthy markets
and lead to a vibrant and growing economy. Ron Paul's greatest virtue
is that is he apolitical, a breath of fresh air and unabashed honesty
and consistency. All of his rivals for the Presidency are politicians
to the core, bringing to mind Groucho Marx's dictum that "Politics
is the art of looking for trouble, finding it, misdiagnosing it
and applying the wrong remedies."

December
21, 2007

Steve
Berger [send him mail]
manages a hedge fund in Massachusetts.

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