The Wonders of Central Banking

Zimbabwe has just released a new $50 million bank note. This comes after it was reported that inflation reached 165,000% in the month of February. Oh what prosperity central banks can bring! I can't wait for the day it costs $15 million to buy a loaf of bread here in the United States.

We should take note of this worst case scenario before we start expanding the powers of the Federal Reserve. Economic central planning doesn't work, even in monetary policy. The Fed hasn't solved our problems this time around and sure didn't do a good job during the Great Depression. In fact, we still have business cycles and inflation. What exactly does the Fed do?

First in the Nation 2012

The RNC rules committee recently voted to 28-12 to set a 2012 primary schedule that affirms New Hampshire's first-in-the-nation status. The proposal still needs an OK from the entire convention this year, but I think this is a good start.

I worked with the Ron Paul campaign in New Hampshire and was a meetup organizer here at school in Ohio. The differences were quite large. The people of New Hampshire were generally more aware and open to Ron Paul's message, while everyone seemed so separated from the process in Ohio.

My anecdotal experience confirms what other people have long said: New Hampshire should have the first primary because we honestly care what is going on, it's who we are. Shouldn't those who care have an influential role in the process? I think so.

The Rise and Fall of Society

I just finished reading Frank Chodorov's book The Rise and Fall of Society. I have nothing but praise for this wonderful book. I recommend it to all interested in libertarian theories of the State, both new and experienced.

Chodorov had a way with language. His eloquent style makes the most mundane and convoluted topics almost elementary. The book is short - only 168 pages - but that fact masks its breadth. His clear writing combined with great fluidity allow him to fit everything into so few pages.

For Chodorov, government is created to ensure the security of a community. Production and commerce bring prosperity, and that right is protected by government. But government ceases to be a protective force when it pushes programs and reforms in the name of "society" and "justice." Chodorov reminds us, however, that society is made of individuals. The predatory State degenerates society and takes power away from the people.

Written in 1959, The Rise and Fall of Society is a classic that is just as important today as it was when it first arrived almost 50 years ago. Buy your copy today at the Mises Institute Store. I promise you won't be disappointed.

Insight of the Week

This week's insight comes from Friedrich Nietzsche: "[E]verything that elevates an individual above the herd and intimidates the neighbor is henceforth called evil; and the fair, modest, submissive, conforming mentality, the mediocrity of desires attains moral designations and honors."

The herd, the collective mentality, is a symptom of today's mass democracy. The superior in ability are not tolerated. Democracy places equality high among the virtues of civil society. Public education is a perfect example. The classroom has become a tool for leveling, not advancement, of students. In commerce, the CEO is derided as a "greedy profiteer" while the parasitic bureaucrats that seek to lessen his production are hailed as selfless givers of social justice.

Clearly our sense of what is moral as been inverted. I really see no other cause than mass democracy and the expansion of the state. Our Constitution doesn't seem to be a limiting factor in the growth of the state. "Equality" has become more important than liberty and freedom. But what are we to do?