CESJ had a rather unpleasant situation crop up this past week. We won’t go into details, but it serves as yet one more example of the incredible obtuseness of adherents of what we’re starting to call “the new socialism.” Most of them, of course, deny that they are socialists, but anyone who abolishes private property, or would do so, given half a chance, is a socialist.
This includes people who would give the State control over money and credit. Not just its proper role in setting standards and regulating, but actually creating money by emitting bills of credit . . . in the United States, a power that the individual states do not have explicitly under the Constitution, and the federal government does not have by deleting the power to emit bills of credit from the enumerated powers.
So why is the Federal Reserve doing nothing but monetizing government debt and buying tons of toxic “assets”? Because people (especially politicians and central bankers) don’t understand money and credit, or banking and private property . . . all of which are traditional targets of socialism, old and new. That’s one reason why we demonstrate outside the Federal Reserve every April:
• Don’t forget to clear your calendar for Friday, April 26, 2013 and the annual rally at the Federal Reserve in Washington, DC to demonstrate for democratic access to capital credit for a “Capital Homestead Act” so ordinary people can become capital owners without redistributing the wealth belonging to the rich or increasing government debt, and the money supply can be backed with private sector assets instead of government debt. We don’t have all the details yet, but it looks as if there is going to be some entertainment and a number of interesting speakers.
• “Bitcoins” seem to be all the rage these days. In the past week alone we’ve gotten two enquiries about them. The authorities seem baffled by the system, but if they understood money and credit, they’d realize that it’s simply an electronic version of something that’s been going on for millennia: people entering into and keeping promises, using a negotiable instrument (“money”) to convey the consideration. Once you know what a contract is and that money is anything that can be accepted in settlement of a debt, it all falls into place.
• Despite all evidence to the contrary, most people still insist that the only way to finance new capital formation is to cut consumption and accumulate money savings. That means we either need the rich to save to invest and create jobs (not likely as technology replaces human labor, so the more the rich invest in advanced technology, the fewer jobs are created), or the State to redistribute wealth or take it over outright. Not considered is the possibility, as Chesterton and Belloc pointed out, that ordinary people might actually own some capital without either the rich or the State having to be generous — just give people their natural rights to life, liberty and property. Moulton showed us how, while Kelso and Adler showed how to use advanced financing techniques to create a “Nation of Owners.” Sadly, many “Chestertonians” and distributists have gone over to the dark side of the new socialism by refusing to consider — not necessarily accept, just consider — the potential of the Just Third Way.
• This being “Holy Week” and concert week and extra rehearsal week, etc., etc., etc., that’s all we know about. There’s doubtless a lot more going on, but we’ve been too busy to look.
• As of this morning, we have had visitors from 55 different countries and 51 states and provinces in the United States and Canada to this blog over the past two months. Most visitors are from the United States, Canada, the United Kingdom, the Philippines, and Saudi Arabia. People in Jamaica, Singapore, Indonesia, Sweden, and Norway spent the most average time on the blog. The most popular postings this past week were “Thomas Hobbes on Private Property,” “Aristotle on Private Property,” “Some Thoughts on Money, II: The Different Schools of Thought,” “Gold is Not Enough, II: Gold and Supply and Demand,” and “State Sovereignty . . . or Sovereignty of the People.”
Those are the happenings for this week, at least that we know about. If you have an accomplishment that you think should be listed, send us a note about it at mgreaney [at] cesj [dot] org, and we’ll see that it gets into the next “issue.” If you have a short (250-400 word) comment on a specific posting, please enter your comments in the blog — do not send them to us to post for you. All comments are moderated anyway, so we’ll see it before it goes up.