Ludwig von Mises continues to shine a bright light, 40 years after his death.
While I enjoy life and most often see the glass half full, where politics is concerned, and how they have systematically set our economy and hence our country on the wrong path, intentionally or not, with "only the best of intentions", or not, something must change. In this case, the glass is three quarters empty!
Yesterday, (Sunday, September 29, 2013) would have been the 132nd birthday of the great economist Ludwig von Mises who on page 115 of his Notes and Recollections said:
"My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline."
So as the government sets out to raise taxes and add to the regulatory maze, that will ultimately hurt the very people they claim to be helping I remain fully committed to the free market and girded by another quote from Mises:
"The market economy needs no apologists and propagandists. It can apply to itself the words of Sir Christopher Wrens epitaph in St. Pauls: Si monumentum requiris, circumspice. [If you seek his monument, look around.]" Ludwig von Mises, Human Action, p. 850; p. 854
In the final, abuse and scorn will continue to be heaped on the business community as forces gather like storm clouds against VAT. Here again Mises provides guidance:
"The much abused shopkeepers have abolished slavery and serfdom, made woman the companion of man with equal rights, proclaimed equality before the law and freedom of thought and opinion, declared war on war, abolished torture, and mitigated the cruelty of punishment. What cultural force can boast of similar achievements?" Ludwig von Mises, Socialism, p. 398
Few people withstood more political pressure than Ludwig von Mises, and as I celebrate his birthday, I will continue to draw upon his work that also exposes the decline of our economy at the hands of ill advised public policy.
Happy belated birthday Professor! And thanks for your work.
Unfortunately our politicians do not or have not understood any part of the Free Market, Laissez Faire and are only thinking of their own reelection. Personal power is their main reason for being in the political world. Unless our young people can be shown precisely the results forthcoming from this way of life they will continue to live in a downward spiral of existence.
There is new nothing to understand here as successive governments, over the past forty years, have deficit spent the Bahamas into a directionless country that is heading into financial bankruptcy.. The sense of false and inflated prosperity is a death wish for the country’s future which will be characterized by greater poverty, more rapid inflation and negative real growth.. In absolute desperation, government has turned to VAT, the financial cancer that is becoming the ruination of Europe and every other fools paradise where it has be tried.. It has been an economic failure where ever has been tried as hoped for revenues never materialize and stagflation drives the population into deeper poverty.. Our Debt expands, the massive Deficit continues to spiral and our Dollar becomes almost worthless as VAT’s so called promises go up in smoke and our financial crises expands out-of-control.. VAT is the wrong medicine and will only compound further the coming catastrophe..
This is what is happening today in Greece as its 20 percent VAT has become the kiss of death to Greek consumption.. With its 38 percent real unemployment, rising prices and stagnate growth, it is taking the rest of the EU down the drain of failure and economic collapse.. Pay close attention as this is like a mirror image of what will soon happen to our Bahamas if we are so foolish as to implement a VAT.. Economic prudence is the only viable answer, but the longer government waits or pursues failed fiscal policies, the longer and more painful any recovery will be.. Time for the Bahamian public to demand a “New Direction” for our failing economy before its to late..
Seems that there could be a measure of truth to the statement:
“The US Government, via the IMF, WTO, OECD, IDB, has only to ensure the currencies of the rest of the world are devalued at a greater rate than their own in order to preserve their own”
We are in for a crazy ride!!
What a crazy idea.. Look at the value of the ten principle currency of the world and you get your answer.. Where did you get this quote Oracle?? I don’t think I would want them to advise me on FX exposure..