Obama's Last Chance

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Quo
usque tandem abutere, Catilina, paciencia nostra? (M.T. Cicero)

How
long, Obama, will you continue to incinerate our American dream
with your fiery nightmarish bombasts? You have turned yourself
into the great nihilist, the "creative destructor"
of the freedom that is sacred to us Americans.

You
are undermining our once great country, great long before you
donned the purple of authority. America was then hailed as the
greatest thing going. Our institutions, values, and morals were
the pride of the whole world, which admiringly looked up to
us for inspiration and leadership. You are dismantling the great
system that we have gloriously inherited from our founding fathers,
a land of the free, remote from the shackles of political ukase
and blessed with institutions that have proved to be the greatest
prosperity generators ever conceived. We were the dedicated
individualists, the men "who broke the trails to the West,"
unloosed the shackles of overbearing government, and laid out
vast new frontiers of civilization. Now, under you, we have
become the dregs of civilization, despised and hated by the
rest of the world.

Whence
is your disposition to destroy all this? We always suspected
that your gangrenous Chicago antecedents were dubious, your
Alinsky-Wright connections were never reassuring. Whatever streamlets
of wisdom that might dribbled down in your stay at Harvard have
been sluiced away. Your blustering bravado is wearing thin,
we’re sick of your threadbare counsels, your futile promises
and the lethal socialism you are perpetrating upon the republic.

You are
supposedly the icon of change, but change to where and to what
and from where and from what. You are castrating our free enterprise,
converting our republic into a fascist oligarchy, worse even
than what one Mussolini did to the ill-fated Italians, or our
own second Roosevelt, your professed model, who with a 17.2%
unemployment, had to fake a war to get us out of his everlasting
depression.

We
admit that you inherited much of the depravity over which you
preside, but instead of chastening it, you have assumed the
role of corrupter general, tensing and reforging the shackles
that were foisted on us by the former regime.

You
have been blowing up our counterfeit money supply to the trillions.
Our deficit nears a second trillion and our debt is soaring
up to twelve more trillions to such an extent that we will have
to borrow fifty cents for every dollar that we spend. And our
social security and health deficit nears one hundred billion.
You presided over two worthless stimuli, threw away billions
in illicit takeovers, you raised our climbing joblessness to
near ten percent, and nevertheless daily continue to preach
about a prompt recovery (evidenced by a few green bladelets
here and there) which our own experts have dubbed as nothing
but "fakeroo!"

You have
condoned and then presided over the shameless imprudence of
our government and central bank, which forced our lending institutions
to emit unwarranted mortgages in order to promote a utopian
dream of universal home ownership. Our once free banking system,
overloaded with overpriced securities and credit default swaps,
is now a cesspool of financial pollution. Wall Street, once
the vanguard of wealth generation, edged on by Washington, has
twisted its investment focus from true wealth creation into
generating bursting bubbles from dot.coms to housing to the
Dow Jones index and who knows where next. All this caused the
demise of Bear Stearns, Merrill Lynch, AIG, and their ilk, once
proud market standard-bearers, that now rot in their puke, after
having betrayed not only their investors, but destroyed the
aspirations, and the pensions and the lives of many.

Our
once renowned capitalists, catapulting from their perch in the
highest echelons of the market hierarchy, have abandoned their
freedom credentials and have become traitors to the very institutions
that made us great. Now instead they stomp upon our newly socialized
banking system and plot its total degeneration. These very turncoats
have become the embalmers of our once flourishing free enterprises,
as they mummify their carcasses, ratifying the putrid unsalable
rot that devalues their balance sheets and buttressing them
in these holdings of overvalued securities,

Our
whole financial system, from the top on down, has become unglued.
Our banks have been purloined by the Washington fixers, who
have shielded them from their entitled bankruptcy, Now you are
bribing them into neglecting their essential function of financing
the economic system by paying them fake interest on their dormant
reserves.

You
have promoted our dollar’s race to ruin. What you and your predecessor
have done, with the very dependent servile Fed at your behest,
has denuded our once impregnable currency, which has been over
multiplied to such an extent that its value is next to worthless,
currently quoted as down to two cents of its nineteenth century
value. World opinion has begun to wonder out loud just how much
longer will our dollar hold out as the world’s currency, and
we are beginning to sense the rumbles of a chaotic avalanche,
when the whole world at once will have no alternative but to
wreak the universal flushout of the dollar.

Nor is
it just the naked dollar. With a further wistful look at the
insecurity of our Social Security program, that we were counting
on for sustenance in our soon-to-be-upon-us old-age, we have
already been told just about when the last check will exude
from the soon to be bankrupt system. And to make matters even
worse, we are in the midst of a general undoing of so many of
our once hallowed institutions: in addition to our once world-famed
banking and financial system, we are daily being readied for
the heralded reinvention of our health care programs, which
will supposedly guarantee blissful affordable debtless health
for everybody. It seems that our national escape towards romantic
fascism hasn’t been doing much fixing, over and beyond the clunkers
it has redeemed and the bankrupt entities that it has rescued
from oblivion, and the infinite guarantees that our federal
Lilliputians are forever making. The never-ending crisis still
is as formidable as ever.

You
have never understood how the rise of the debt of the government
is an attack against freedom. The supposedly hallowed debt of
the American people has mushroomed so uncontrollably high (now
over half of our GDP) that more and more observers are telling
us that it is just not payable, while the outer world holds
us to scorn for our profligate indebtedness. Just how many days
are left before we renege and tell the world the truth, that
it was all a sham and we have no other out than to repudiate
it all, that the emperor has no clothes.

You
Obama are not interested in freedom. You are the "complete"
interventionist. You all but despise the market. You would just
as well multiply the 70,000 pages of the federal register with
more infinite do’s and don’ts and recreate new cadres of socializing
regulators, whereas the ones we had You WANT AN INFINITE CADRE
OF REGULATORS, WHEREAS THE ONES WE HAVE weren’t able to distinguish
a bubbled up asset from a hole in the ground. The intellectual
minions that form your court do not impress. You’ve stacked
the inner Beltway with a freedom ignorant cadre, and blessed
the legislators who emptied our coffers with every bridge to
nowhere that they could conjure up.

You
certainly will never enthuse any of us fortunate Americans who
have gained our economic wisdom at the feet of great thinkers
like Ludwig von Mises and Friedrich von Hayek. Perhaps you have
never even heard of them. We told you about them months and
years ago, but these days all wisdom is made to dribble down
upon us from above and nothing is permitted to rise from the
people below. We Austrians, with history, knowledge, and sound
theory on our side, have been shouting from the housetops these
past months. But all we get in response is neglect, if not outright
sarcasm, and the cumulative annihilation of all our sacred principles.
What theory, what knowledge, what history do you have to offer
us?

Mises
showed us that the only viable system for a healthy society
is market capitalism. But our leaders have shamefully betrayed
their colors, leading us into a practical fascism. Mises warned
that the market should be our guide in most situations, and
must never be overridden by presuming to invent new institutions.
Hayek has shown that institutions cannot be manmade, but can
only evolve by spontaneous growth through the daily decisions
of a free people, not by the shameless vote maneuvering by a
rent-maximizing congress.

What can
we do? We must do more than just to expunge the big fakirs,
those who ran the central bank into rack and ruin, who converted
the nation’s capital into an administrative quagmire, those
who think they have the smarts to redesign everything along
the way and socialize them, to boot. How to get rid of the Bernankes
and the Geithners, the Paulsons before, and then the Reids and
the Pelosis, accompanied by the hordes of megalomaniacs like
Frank, and Barney and the over-lamented Kennedy. Our representatives
and their minions aren’t worth the powder to incinerate them.
Their every intervention has been a flop.

But
the American people now demand a total reversal of all this
muck that you and they are inflicting upon us. Enough of your
Obamanical nonsense. Enough of Washington’s works and pomps.
There is no other alternative but to make a big stink. And so
we demand of you a complete about-face.

First
of all, we demand that you, as a start, stop pontificating about
your ill-conceived unworkable reforms. Just shut up, as the
King of Spain told Chavez of Venezuela and then:

  1. Approve
    the audit and the prompt elimination of the Federal Reserve
    Bank with all it works and pomps, including its incessant
    urge to create liquidity, to buy any and all financial assets,
    to lending to anybody and everybody, to zero out the rate
    of interest. It is suicide not to have eliminated the freakish
    monetary malaise that has been plaguing us since Bretton Woods
    and, worse, since Nixon’s August 15, 1971, and the downright
    fatal August of 2008. But you, who pretend to have all the
    answers, seem to be oblivious of our monetary cancer. Why
    aren’t you screaming for the return of monetary gold? Why
    aren’t you echoing Congressman Paul in his fight to undo the
    Fed? You instead reinstated the culprits, praising their slick
    policies that continue the plunge of the dollar into oblivion.
    We now demand that you put the fatal kibosh on the Fed and
    on its supercilious minions and dump it into oblivion as we
    did to our first two Central Banks.
  2. Let
    all modifications of our institutions come from the inherent
    unplanned creativity of the American people, from spontaneous
    development, not from a 51 percent vote of our rent-seeking,
    devil-could-care-less politicians. This refers to banking
    and finance, to health coverage, to carbon dioxide control.
    Let the market find its own ways to order our society, conserve
    energy and preserve the balance of the environment, not with
    cap and trade or by ceding to the unfounded aspirations of
    the green ideologues.
  3. Permit
    the crisis to end as rapidly as possible and generate a return
    to normal, by your doing just "nothing," that is,
    "nothing" on your part or that of our fallible government.
  4. Reduce
    every form of taxes, which have been our greatest impediment
    to progress.
  5. Gradually
    eliminate our national debt with sound progressive reductions.

President
Obama. You have a maximum of seven more years at the helm. If
you reject our proposals, you are a candidate to go down in
history as a blight upon our image, a failure, a promiser who
could not produce, the cause of recession upon recession. On
the contrary, if you really "change" your program
and follow our advice, you still have the possibility of emerging
as one of the really greats who have occupied the White House.
This is your last chance to change things. Do it before the
economy implodes into disaster, before the dollar zeroes out,
before we have to repudiate our debt, before the HillaryCare
and ObamaCare hallucinations freak out. You have been duly warned.
Take heed. It is your Last Chance to get America back on track.

October
31, 2009

Joseph Keckeissen
[send him mail] is a professor
of economics at Francisco Marroquin University in Guatemala. Born
in Brooklyn, New York, Professor Keckeissen received his doctorate
in 1966 from NYU, where he was a member of the Mises Seminar.

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