” Were the rich all getting poorer? Not at all. They were investing huge sums of money in tax-exempt securities. The amount of money invested in tax-exempt securities was larger than the federal budget, and nearly half as large as the national debt.
This was not unique to the United States or to that era. After the British government raised their income tax on the top income earners in 2010, they discovered that they collected less tax revenue than before. Other countries have had similar experiences. Apparently the rich are not all fools, after all.
In today’s globalized world economy, the rich can simply invest their money in countries where tax rates are lower.
So, if you cannot rely on “the rich” to pick up the slack, what can you rely on? Lies. “
A+
Thomas Sowell should be required reading in every high school and college in the country. Of course, the Democrats would never allow it.
Geithner and Obama focus on "issues" and hide the truth about their policies.
For those who wish to study the "paper money" subject, here are a few statements on the subject, quoted from "Our Ageless Constitution". Dr. Edwin Vieira, who contributed to that volume, has written extensively on the Founders' protections for liberty through their provisions for a sound money system. A search of his books and articles might be useful to those who wish to pursue the matter.
Thomas Jefferson:
"Paper is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
". . . although the other nations of Europe have tried and trodden every path of force or folly in fruitless quest of the same object, yet we still expect to find in juggling tricks and banking dreams, that money can be made out of nothing. . . The misfortune is. . . we shall plunge ourselves in unextinguishable debt, and entail on our posterity an inheritance of external taxes, which will bring our government and people into the condition of those of England, an nation of pikes and gudgeons, the latter bred merely as food for the former."
"Stock dealers and banking companies, by the aid of a paper system [paper money] are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands, and by other means, not always honorable to the character of our countrymen."
Then there is John Maynard Keynes observation in "The Economic Consequences of the Peace - 1920":
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. . . . (It) does it in a manner which not one man in a million is able to diagnose. . . ."
Thanks for the ping, jaz, for another excellent column by Thomas Sowell
I paraphrase Chris Christie, who, in speaking to some union folks, said:
"Politicians have been lying to you for years, promising things [benefits] that the state can't afford. You aren't mad at them. I tell you the truth, and you get mad at me."
Let’s put an end to what Dr. Sowell says are “ - - -wonderful-sounding lies - - - “ and work to DUMP ROMNEY. Romney has been telling lies that con us into believing that “Change” is coming.
Romney will be Obamalite. For example, Romney says that he will keep Obama”care” by sending it in 50 pieces to our already bankrupt 50 States. That will just increase the financial, and regulation impact of Obama”care.”
My reasoning is as follows:
DUMP ROMNEY and replace him with a stellar Dark Horse Republican Presidential Nominee.
IF Romney is probably going to lose to Obama, THEN it is incumbent upon the RNC to intervene and declare an OPEN Convention, regardless of the Primary delegates that Romney has.
Continued accumulation of Primary delegates in the remaining State Primaries is the key to improving Paul’s chances of forcing the GOP-E to hold an OPEN Convention in Tampa.
Paul will then have completed his main task in this Primary: giving the delegates the freedom to DUMP ROMNEY!
My goal is to defeat the insanity of Keyensian Economics in “both” of our very sorry political parties THIS YEAR!
This can be accomplished by the Delegates choosing a stellar Dark Horse Nominee, such as R-Rep. Allen West of Florida, to slaughter Obama in a November Landslide.
It is not enough to beat Obama, he must be smashed in a huge landslide to repudiate his Marxist ideas for America!
Romney is not Warrior enough to do so.
The key is to FORCE the GOP-E to allow for an OPEN Convention in Tampa. Without an OPEN Convention the SOS of INSANE Federal Over-Spending will keep America on the same crowded track with Greece, and Kalifornia.
There are over 15, 000, 000, 000, 000 reasons why spending more money this year than was taken in during the previous year is an INSANE path to financial destruction.
Neither Obama or Romney have presented a plan to spend our Federal dollars in a non-insane manner.
For example, the GOP Elite have stood in line to endorse Romney, to endorse “The Ryan Budget,” and to compromise-away every opportunity to reduce Federal Spending.
I included the Ryan Budget, because Rep. Paul Ryan himself says that his “Budget” will balance in 30 YEARS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BTW, I added those exclamation points, because both you and I know that Ryan’s budget will NEVER balance, and thus will never be a fact. The exclamation points are just for volume emphasis.
______________________
The main point of my post is as follows: In order to DUMP ROMNEY there must be an OPEN, or “Bartered” Convention.
Ron Paul, Santorum and Newt are our best hopes to achieve an OPEN Convention because they have the most Delegates to force the Romney Delegates to approve of an OPEN Convention.
Since RP is the only active Candidate left standing, he has the best chance of forcing the RNC to have an OPEN Convention in Tampa.
With an OPEN Convention, NONE of the Primary Candidates stand a chance of becoming the Nominee, except Romney.
That possibility must be countered by a stellar Dark Horse, that is someone that has not run in this years Primary Campaign.
Otherwise Romney will follow the same stupid path as McCain and lose to Obama “much to the surprise of the GOP-E.”
Ron Paul, Santorum and Newt were rejected by Primary voters, and would be re-soundly rejected by the voters in the National Election. Thus, their main value is to force an OPEN Convention.
The Convention Delegates then would have a chance to choose a Nominee who could easily defeat Obama.
I had earlier supported R-Sc Sen. Jim DeMint, but he will not leave the Senate. Now I support R-Fla. Rep. Allen West. Rep. Allen West is a retired US Army Colonel, straight-talking Conservative, AND is the only non-welcome member of the Congressional Black Caucus, (the Libs hate him).
There are many other Republican non-RINO Dark Horses who would make excellent Dark Horse Nominees.
The DUMP ROMNEY Campaign requires an OPEN or “Bartered” Convention in Tampa.
Make your voice and vote count towards an OPEN Convention in Tampa, Florida!
BTW, Nominee Allen West WOULD be Florida’s favorite son in November - - - .
I wish they would post a sign at the entrance to every polling place with that quotation.