Ron Paul, Thomas Jefferson, and Murray Rothbard vs. The Keynesian FED

En bref, Thomas Jefferson got the politics right, Murray Rothbard got the economics right, and they combined in the neurons of Ron Paul’s brain to give America its first real presidential candidate since the days of Saint McGovern.

Silverwolf wishes to stress two points in this discourse: firstly, the breakthrough Jefferson made in political thinking that clearly delineates the  philosophy of the “Austrian school” of economics, known as praxeology, from the Keynesian philosophy of the FED and its statisticians, who really need to “turn on” to the realities of true economics; and secondly, the relevance of Jefferson’s insight to the essential insight of the Austrian school: the primacy of values in economic decisions.

Thomas Jefferson was a Renaissance Man; no doubt about it, even overlooking his huge contradiction of “owning” slaves. He loved books, music, land, women, architecture, philosophy, and plants. Money for him was solely an instrument to further his values, which found themselves in all these various aspects of the full life, and not in just piles of gold, silver, bank notes, or remote, unvisited lands. And the slovenly way he handled his financial affairs as a lawyer, leaving a fortune in uncollected fees on the table, shows that he was a soft touch as far as enforcing his entitlements. And thus it came about, that when composing the Libertarian Manifesto known as the Declaration of Independence, Jefferson changed the phrase defining man’s G-d-given Rights, which had, in previous documents and constitutions, commonly read “Life, Liberty, and Property”, to the phrase “Life, Liberty, and the Pursuit of Happiness”. This huge change in wording shows a huge jump in consciousness for Jefferson, and for the whole Libertarian movement that founded the American Republic, for it accurately defines the praxeological position, formalized by Ludwig von Mises, that property is actually measured in terms of Human Values, and not in terms of readily measurable units. The Keynesians, of course, think the opposite, that statistics, and utility measures, and a hundred different indicators, can define what a man, and all men,  will do with their property. But the Austrian School, so well represented by Prof. Murray Rothbard, and Congressman Ron Paul, knows, along with Jefferson, that property is only what it represents in terms of values for the owner. Human values may cause him to do something completely unpredictable, as when the miser will spare no expense in vet bills for his pet cat or dog, because their value to him is immeasurable in terms of currency. This is where the Keynesians are blind, and this is why their economic predictions have been a dismal failure for almost a century now. Their philosophy led to the protraction of the great depression, after their monetary pumping led to the absurd boom of the 1920’s, much as the pumping that went on under Bush I – Clinton – Bush II, and with the willing acquiescence of the FED, lead to the boom in “financial services” that led to the boom in inflated real estate prices, and the predictable (according to the Austrian school) depressive hangover from the malinvestment we are now entering upon. And it looks like Bernanke and Company are suggesting America start drinking Scotch at 6am to cure it’s economic hangover.

Rotten economics will lead to a rotten economy. Sound economics will lead to sustained prosperity and true economic justice. It will also re-inforce those political and civil rights that are linked inextricably in Libertarian Capitalist thought with economic rights. As Ron Paul has said, the two spheres are seamless.

America must turn away from the FED, and central banking, because of the fearful concentration of power it puts in the hands of a few. The current FED officials probably believe in the blather of Keynesian economic theory; they have it wrong, as the public is becoming more and more aware of. The battle will be fought out, not only in the markets, but also in the marketplace of ideas, and Silverwolf believes that the valid philosophy of Thomas Jefferson, Murray Rothbard and Ron Paul, will trump the false  economic beliefs of Keynesian theory. The insight that property is actually measurably only in terms of Human Values, not digits and formulas, and that property is transformed in the hands of the Renaissance Man into Human Values — these two Jeffersonian perceptions, refined through the economic genius of Murray Rothbard, and the political doggedness of Congressman Ron Paul, will, Silverwolf believes, one day come to rule over the length and breadth of the planet. Truth cannot be stopped, even by the nincompoops of the FED.

Thomas Jefferson, Murray Rothbard, Ron Paul — the Libertarian Revolution will not be stopped.

Hoooooooooooooooooooooooooooooooooooowwwwwwwwwwwwwwwwwwww! — Silverwolf

Tags: Austrian economics, Keynesian economics, Libertarianism, Murray Rothbard, praxeology, Ron Paul, the Fed, Thomas Jefferson