Column about capitalism was misleading at best
April 2, 2009
To the Editor:
Where does one begin to respond to Felicia Muftic’s “Reports of Capitalism” in the March 16 paper?
First, it is divisive. Have we not yet tired of this ploy to divide and conquer Americans who are on the brink? We are all in this together. My only complaint with the Republicans is that they didn’t start saying ‘No’ to an over-reaching government decades ago.
Secondly, there are historical omissions and inaccuracies in her piece that mislead the reader. For example, there was a terrible slump in this country in 1920-1921. The government’s response was to do nothing, and lo and behold, free markets corrected the bubbles in short order. The pain was limited to a few of the failed players. Then, there was the crash of 1929 when Hoover did not get his way, contrary to Mrs. Muftic’s assertion, to let the relatively small number of affected players fail. Instead, the government’s response was to spend more, lots more. This spending was made possible by the loose policies of the Federal Reserve.
A severe depression ensued that lasted eight long, painful years. Indeed, it was the government meddling with the free market’s ability to decisively and rapidly cut out the dead wood that started us down the road to our present disaster. It was then that “too big to fail” came into vogue. Felicia writes, “The irony is that those shaping Obama’s policies are free market guys, especially Treasury Secretary Geithner.”
Irony? The irony is that anyone could possibly claim with a straight face that Geithner is a “free market guy.” The king fox just got put in charge of the hen house. Far from being a “free market guy,” Geithner was most recently the New York President of the Federal Reserve, the pinnacle of self-serving, central planning that has destroyed 95 percent of the dollar’s purchasing power since its inception and is at the heart of our current ills. Bipartisan “feigned ignorance”/complicity in this devastating system has been ongoing in both parties. If Mrs. Muftic is to retain any credibility with this audience, I strongly suggest that she study how central banking works. “Money as Debt,” a video by Paul Grignon, is easily ‘Googled.’ Time and a great deal of pain will reveal the erroneous thinking in “Reports of Capitalism.” In the mean time, a grain of salt, or a lot of salt, is recommended.
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