The
Rational Argumentator
Issue CCCII
October 24, 2011
The Fed Twists, the Market Shouts
Ron Paul
October 24, 2011
In September the Federal Reserve began the second incarnation of "Operation Twist", an attempt to drive down interest rates by purchasing long-term Treasury debt and selling short-term debt. Rep. Ron Paul writes that this is just the latest instance of the central bank desperately flailing around doing something merely for the sake of doing something. Fed officials still do not understand – or admit – that the Fed itself caused the financial crisis by driving interest rates too low and relentlessly expanding the money supply. Thus, this latest action will just exacerbate the problem.
A Response to the Demands of the "Occupy Wall Street" Protesters
Rod Rojas
October 24, 2011
Ron Rojas shares most — if not all — the goals of the honest Left, which would be embodied in a constantly rising standard of living for the lowest economic classes. He often finds himself watching Democracy Now for its antiwar, free-speech, and anti-death-penalty stances. But the big problem with the honest Left is their absolute and obstinate refusal to learn the most basic economic principles. The "Occupy Wall Street" movement is no different, and it is a real pity that all this energy and frustration can't be put to use toward achieving their goal.Many demands are being made, but sadly, if these were ever implemented, they would make problems worse by lowering the standard of living for all — especially for the poor! Mr. Rojas addresses some of the demands in plain English, hoping to reach out to the protesters.
Literary Analysis
Arthur Miller's Death of a Salesman: A Case of Self-Delusion
Edward W. Younkins
October 24, 2011
One of the best known fictional depictions of business is Arthur Miller’s 1949 play, Death of a Salesman, which tells the story of a traveling salesman who has reached the end of his road. Several fine films have been made of this drama, and in 1984 Dustin Hoffman starred in an acclaimed revival of it. The story is told through the mind and memory of the weary, confused, and pathetic salesman, Willy Loman. In his early 60s, he has worked for thirty-four years for Wagner Company and wants to believe that he is vital to the company’s operations in the New England area. Dr. Edward Younkins writes that the central tragedy of the play is that Willy ignores the American success tradition that is based on virtues, character development, and hard work.
Politics
TSA Releases VIPR Venom on Tennessee Highways
Ron Paul
October 24, 2011
If you thought the “Transportation Security Administration” would limit itself to conducting unconstitutional searches at airports, think again. The agency intends to assert jurisdiction over our nation’s highways, waterways, and railroads as well. TSA launched a new campaign of random checkpoints on Tennessee highways last week, complete with a sinister military-style acronym--VIP(E)R—as a name for the program. The slippery slope is here. When, asks Rep. Ron Paul, does it end?
A Dangerous Precedent
Ron Paul
October 24, 2011
According to the Fifth Amendment of the US Constitution, Americans are never to be deprived of life, liberty, or property without due process of law. The Constitution is not some aspirational statement of values, allowing exceptions when convenient, but rather, it is the law of the land. It is the basis of our Republic and our principal bulwark against tyranny. Rep. Ron Paul writes that the recent assassination of two American citizens, Anwar al-Awlaki and Samir Khan, is an outrage and a criminal act carried out by the President and his administration. If the law protecting us against government-sanctioned assassination can be voided when there is a “really bad American”, is there any meaning left to the rule of law in the
Why Not to Scorn "Occupy Wall Street"
Wendy McElroy
October 24, 2011
Wendy McElroy believes that libertarians are missing out on a powerful social dynamic. The protest movement called Occupy Wall Street (OWS) is bursting onto the streets in an iconoclastic surge that has continued for weeks, spreading from Manhattan to cities across America. Demonstrators are being met with police brutality and arrest. They are also being contemptuously dismissed by the mainstream media and by most libertarians. Ms. McElroy writes on how the OWS movement can be re-channeled to exhibit a more libertarian message.
Wall Street Couldn't Have Done It Alone
Sheldon Richman
October 24, 2011
In an open letter to the Occupy Wall Street protesters, Sheldon Richman emphasizes that Wall Street couldn’t have done it alone. While the demonstrators should protest outside Goldman Sachs and Bank of America, they should also spend some time outside the White House, the Fed, the Treasury, and the Capitol Building. Together they are responsible for our current economic woes.
No Bad Apple?: Steve Jobs and Occupy Wall Street
Sanford Ikeda
October 24, 2011
The death two weeks ago of Steve Jobs, cofounder and long-time head of Apple Inc., is a great loss, but it offers a valuable teachable moment. Dr. Sanford Ikeda writes that the Occupy Wall Street protesters have not leveled their criticism at Steve Jobs, because in Jobs’s case it’s so painfully obvious, especially to the generational and cultural demographic to which most of the Occupiers appear to belong, that his business acumen and the massive profits it has earned him and his company have improved the quality of life for a large chunk of humanity to a level few could have imagined in 1976 when he and Steve Wozniak founded Apple. Dr. Ikeda urges us to honor the Steve Jobses (and Sam Waltons) of the world; but also to recognize that it’s the market (however hampered today) that makes them and their contributions to humanity possible.
Videos
Occupy Wall Street: A Libertarian Critique
G. Stolyarov II
October 24, 2011
Mr. Stolyarov analyzes both the sympathetic and the alarming elements of the Occupy movement, which began with Occupy Wall Street and has spread throughout the Western world. On the one hand, the protesters' anger is understandable, and many of their targets in the financial system have reprehensibly socialized their losses and used the political system to amass special privileges and establish barriers to entry. But many of the protesters are deeply mistaken in targeting "capitalism", "wealth", "greed", or "income inequality". At the same time, these protesters appear oblivious to the fact that many of the powers they seek to expand are being used against them this very instant in the form of the police state.
Analysis of Ron Paul's Budget Plan
G. Stolyarov II
October 24, 2011
Mr. Stolyarov analyzes Ron Paul's "Plan to Restore America" — which combines major cuts in federal spending and substantial tax decreases — in depth. Analyzing Rep. Paul's plan shows just how dire the current US budget situation is. Not even Ron Paul's ambitious measures could have the effect of reversing the accumulation of the national debt right away.
"All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out."
~ Ludwig von Mises