In America the Central Bank Still Feigns Independence, Hah…

Bill Dudley’s Noble Lie

Former Federal Reserve official Bill Dudley’s recent op-ed calling for the Federal Reserve to implement policies that will damage President Trump’s reelection campaign states that such action would be unprecedented. Dudley claims the Federal Reserve bases its policies solely on an objective evaluation of economic conditions. This is an example of a so-called noble lie — a fiction told by elites to the masses supposedly for the people’s own good, but really designed to maintain popular support for policies that benefit the elites. Dudley’s noble lie is designed to bolster a rapidly (and deservedly) eroding trust in the Federal Reserve. The truth is the Federal Reserve has always been influenced by, and has always tried to influence, politics.

President George H.W. Bush and other members of his administration blamed his 1992 defeat on then-Federal Reserve Chairman Alan Greenspan’s refusal to reduce interest rates. Greenspan was more cooperative with Bush’s successor, Bill Clinton. Lloyd Bentsen, Clinton’s first Treasury secretary, wrote in his autobiography that the Clinton administration and the Federal Reserve had a “gentleman’s agreement” regarding support for each other’s policies. Greenspan also boosted President George W. Bush’s “ownership society” agenda by lowering interest rates after 9-11 and the collapse of the tech bubble, thus creating a housing bubble.

Ben Bernanke, Greenspan’s successor, facilitated both Bush W. Bush and Barack Obama’s bailouts, “stimulus” spending, and massive welfare-warfare spending with record-low interest rates and quantitative easing. Speculation that the Fed was keeping interest rates low during the 2016 presidential campaign in order to help Hillary Clinton was fueled by the revelation that a Federal Reserve governor donated to Clinton’s campaign.

Presidents have always tried to influence the Fed — usually pushing for lower rates to (temporally) boost the economy. President Richard Nixon was recorded joking with then-Fed Chair Arthur Burns about Fed independence. President Lyndon Johnson shoved Fed Chair William Martin against a wall after an interest rate increase. Johnson’s frustration may have been because he realized that the success or failure of his guns and butter policies was largely out of Johnson’s control. The success or failure of presidents’ agendas is often determined by a secretive central bank’s manipulations of the money supply. No wonder presidents spend so much time trying to influence the Fed.

The Fed’s history of influencing, and being influenced by, presidents is one more reason why Congress should pass the Audit the Fed bill. Auditing the Fed is supported by almost 75 percent of Americans across the political spectrum, including such leading progressives as Bernie Sanders and Tulsi Gabbard.

My Campaign for Liberty is leading a major push to get a majority of Congress members to cosponsor Audit the Fed in order to pressure House and Senate leadership to hold a vote on the bill. The American people have had enough of noble lies about the Federal Reserve. It is time for truth; it is time to audit the Fed.

From LRC, here.

39 (!) Articles About TESHUVAH…

Just as we did with Sukkos and Purim, here is a partial compilation on, well, not Yamim Nora’im, but Teshuvah. Not Teshuvah for specific transgressions, but in general:

  1. להלן רשימת תיקוני תשובת המשקל של האריז”ל לחטאי עריות שונים
  2. How To Rectify Kareis by Studying Torah All Night
  3. הרב יהושע ענבל שליט”א – הערות על הלכות תשובה להרמב”ם
  4. מכתבי הדרכה במצות תשובה
  5. Rabbi Kook Against Excusing Sin Based on ‘Deep’ Ideas
  6. מתי צריך לבקש מחילה?
  7. The Fallible Quest for Judaism
  8. מעשה ביהודי שחשב שהוא ירודי – הינדיק
  9. קחו עמכם דברים ושובו אל השם!
  10. הרב יצחק ברנד מאשים!
  11. והשיב לב אבות על בנים – שיר חנן בן ארי
  12. גדולה תשובה – הר”י סירוטה
  13. שתחתור חתירה להחזירני בתשובה
  14. הרהור תשובה
  15. The Chazon Ish Sounding Chassidish…
  16. כיצד מקיימים מצות תשובה – הרב ישראל סלנטר
  17. האם גם הקהילה החרדית חייבת לחזור בתשובה?
  18. למה מתוודים כ”כ הרבה ביום כיפור? – ושאלות נוספות
  19. ספר גלגול נשמות (המורחב) מאת הרב יוסף שני
  20. How to Do Teshuvah, When You Already Know It Won’t Stick?
  21. ספר שדי תפוחים – שני חלקים: אוצר תיקוני עוונות
  22. Fix Yourself, Fix the World
  23. Rabbi Elyashiv Warns: Don’t Turn Yourself In to the Police!
  24. Linking Sins and Events
  25. Anti-Social Sins or Non-Social Sins
  26. A Tale of Treifos and Teshuva
  27. ‘There Are Virtually No Baal-Teshuva Yeshivas or Seminars with Empty Seats’
  28. המשך: כפרות – מנהג שטות?
  29. Yom Kippur Is Coming…
  30. פרי ראש השנה יום הכיפורים, והוא תכלית הכול
  31. Why Does Teshuva Require Tzedaka?
  32. Everyone Must Be a ‘Ba’al Teshuva’
  33. Unwonted is Unwanted
  34. Here Are the Kabbalistic Rectifications for Various Sins
  35. תודה מלשון וידוי – הרב אליהו ובר בבית המדרש בהר הבית
  36. חדש: ספר לכו נרננה – תורת התשובה והגאולה במשנת הגר”א וממשיכי דרכו
  37. קורס חזרה בתשובה חינם עבור ‘בעלי תשובה’ – הרב מאיר אליהו שליט”א
  38. אח, ריבונו של עולם: החזר בתשובה את כולם! – שיר
  39. מצות תשובה כיצד
  40. The Rules of Chess, Attributed to Rabbi Ibn Ezra [Just Kidding!]

Enjoy!

OH NO: The State Is Giving Away God’s Country to Cursedian Crusaders!

“Field of Dreams” – Stolen Land

9 Elul 5779
Here is the latest atrocity underwritten by the traitorous Erev Rav regime…

The wicked government has sold land that does not belong to it to the missionary TV station that pipes the lying and idolatrous message of the New Testament into Israeli homes.  They are selling it in turn to Christian viewers and supporters in order to fund their missionary projects here.

THIS IS A CRIMINAL ACT ON THE PART OF THE GOVERNMENT!!!!  THE “LEFT” IS IN LEAGUE WITH YISHMAEL AND THE “RIGHT” IS IN LEAGUE WITH EISAV!!!!  THEY HAVE STOLEN THE INHERITANCE OF AM YISRAELAND GIVEN IT OVER TO THEIR ENEMIES!!!!

WHO WILL SAVE US FROM THE TREACHERY OF THE “LEFT” AND THE “RIGHT”?!

THIS IS THE PROOF IF YOU NEED ANY!!
(Pay particular attention @ 1:01-1:23 and 5:21-9:50)

TO “LOVE” ISRAEL = PROSELYTIZING ISRAEL – GOD HELP US!!!!!!

You Diaspora Jews who could come home to Israel but just don’t share in the blame as well because were you here to vote in great numbers, the religious Jews would own this government.  Furthermore, you would be here to strengthen the Galilee so that the faithless government would not feel it must take help from the spiritual-destroyer Christians in order to keep it out of the hands of the physically-murderous Arabs.

History and Logic: Fighting Crime Without the State’s ‘Help’

A More Sane Alternative to Government Prisons

09/06/2019

Rape, violence, and drugs are ubiquitous in prisons, so it is not surprising that recidivists commit a hugely disproportionate share of crime. Government prisons and so-called private prisons have no incentive to rehabilitate prisoners or improve prison conditions because taxes are their source of revenue, which is guaranteed regardless of performance.

Lawmaking, law enforcement, courts, and prisons are inextricably linked within a coercive government monopoly. As long as this monopoly remains, it is difficult to imagine a substantial performance improvement. In contrast, repealing the monopoly would expose all of these functions to the competitive marketplace, and history can be our guide.

The Marketplace

Historian Carroll Quigley wrote:

“… there was clearly a period, about 900 [AD], when there was no empire, no state, and no public authority in the West. The state disappeared, yet society continued.”

“It was discovered that economic life, religious life, law, and private property can all exist and function effectively without a state. … In Rome, in Byzantium, and in Russia, law was regarded as an enactment of a supreme power. In the West, when no supreme power existed, it was discovered that law still existed as the body of rules which govern social life. Thus law was found by observation in the West, not enacted by autocracy as in the East. This meant that authority was established by law and under the law in the West, while authority was established by power and above the law in the East.”

Think of laws made by the State as being “top-down law-making,” or “authoritarian law.” Think of laws made by the people themselves as being “bottom-up law-making,” or “customary law” (law established in recognition of evolving customs). Under customary law, when an offense was committed, victim restitution, not imprisonment, was expected. The offender must compensate his victim.1 Furthermore, it was unlawful to assault or kill an offender who had not been given sufficient opportunity to compensate his victim.

Customary law prevailed in Ireland for centuries. Murray Rothbard wrote, “Preconquest Ireland was not in any sense a “primitive” society: it was a highly complex society that was, for centuries, the most advanced, most scholarly, and most civilized in all of Western Europe.”

Anglo-Saxons formed legal institutions called hundreds. Each hundred consisted of about one hundred individuals or households. Membership in a hundred was voluntary, but there were strong incentives to join. When someone inflicted harm on another person or the property (e.g., theft) of another person, the other members of the victim’s hundred were obligated to assist in the pursuit and prosecution of the accused. A member who did not honor his obligations would be expelled from the hundred, and his tainted reputation may prevent him from being accepted into another hundred. He becomes an outcast, lacking the benefits of a protection association.

Arbitration was used when an offender and victim could not agree on an appropriate level of restitution. Arbitrators’ rulings were not binding. However, an offender who refused to submit to arbitration or did not accept the arbitrator’s decision would be socially ostracized and legally subjected to physical retribution (even death) by the community.

Internalizing Costs and Benefits

Bruce Benson wrote,

“… voluntary recognition of laws and participation in their enforcement is likely to arise only when substantial benefits from doing so can be internalized by each individual.” (emphasis added)

This is a crucial point. The cost of law enforcement — providing aid to other members when needed — was borne by each member of a hundred. Likewise, the benefit of law enforcement — receiving aid (leading to restitution) from other members when needed — accrued to each member. In other words, each member internalizes the benefit and the cost, thus creating an incentive for law enforcement.

This stands in stark contrast to our system of authoritarian law where restitution for victims is almost non-existent,2 and a majority of offenses are not even reported to the police because the police and courts fail to solve most crimes. Thus, police, court, and prison bureaucracies internalize the benefit (tax revenue), but not the cost (actual crime-solving, rehabilitation). And citizens are forced to internalize the cost (taxes) without the benefit (restitution).

Notice the difference between ‘victim justice’ and ‘criminal punishment.’ Victim justice requires offenders to compensate their victims. Criminal punishment requires taxpayers, including victims, to provide financial support for prisoners, as well as for ineffective police, court, and prison bureaucracies.

Furthermore, in contrast to the government’s inability to solve most crimes, ‘victim justice’ under customary law actually serves as a disincentive for individuals to commit offenses in the first place: “If I kill, rape or steal, I know for certain that a protection agency will be hot on my trail.”

Continue reading…

From Mises.org, here.