On Bailouts: History Speaks To Us, One More Time


It is time for a history lesson now that this thing called a bailout has been passed into what passes for law under this administration. To help me with this lesson, three well known gentlemen have come into the classroom to assist me.

So we don’t put the student body to sleep, I’ve limited each to one remark. I also placed the parameter of importance on their one remark. Of course, what is important to them may not be important to you.

All I ask you to do in the way of a quiz is to relate their remarks to your life in this modern America. The first guest is still with us today and is oft quoted because he is considered a guru in the field of economics.

Speakers Three…

His name is Milton Friedman. His resume is impressive and his remarks have impacted government world over.

What is your remark Mr. Friedman?

“The elementary truth is that the Great Depression was produced by government mismanagement [of money]. It was not produced by the failure of private enterprise.“

Thank you, Mr. Friedman. I feel certain both the class and myself can grasp the magnitude of your words. After all, most of us in today’s class reside on the private enterprise side of the ledger. At least we say we do.

Our next speaker, John Maynard Keynes, is no longer among the living. However, he still enjoys a wide following among our present day government elitists. Please tell us your remark Mr. Keynes.

“Lenin was right. There’s no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

I had no idea Mr. Keynes was going to mention a red, white and blue Communist so to stay politically correct let me hurriedly place my denials on the record and say that maybe Mr. Lenin was a member of an alternative political party and certainly not the main stream Democrat or Republican party of today.

After all, would today’s Dems or Reps pass legislation that would continue to enslave the populace and their third to fourth generation offspring? I highly doubt that would ever happen in modern America simply because it would continue the debauchery and that is truly un-American.

On the other hand, our currency is certainly debauched, isn’t it? I don’t know about you, but I’m in mental flux. Maybe I should not have invited Mr. Keynes.

Let’s move on to our last speaker. This gentleman passed away a long time ago but his remark is evergreen (some would say universal). It seems to be the foundational remark for political economics as we experience it in today’s world.

His name is Meyer Rothschild and many of you instantly recognize the name is the same as that in the House of Rothschild. Rothschild is their name and banking is their game. They have centuries of experience lending to kings, queens, prime ministers, dictators, etc.

Mr. Rothschild please make your statement.

“Give me control of a nation’s money and I care not who makes her laws”

Thank you, sir. If I comprehend the gravity contained in your words, what else is there to say about political economics and the laws of nations? And, if what I’m thinking is correct, your words could mean the Wall St banksters would benefit at the expense of the citizen in the event they robbed the said same citizen blind through phony and (probably) fraudulent securities.

Nah, can’t be, won’t happen in the U.S. of A. We would never allow our representatives to bail out their campaign contributors at our expense. After all, we ARE the free and the brave in that song everybody sings at sporting events.

Fuming, But Without Answers

If you guessed I’m still fuming over this ridiculous bailout, you are 100% correct. If you guessed I’m fuming over the in-your-face fact I will shortly see another avenue of potential revenue close, you are 100% correct. If you guessed I’m fuming over the fact we will see, yet again, another 98 to 99 percent incumbent re-election rate, you are 100% correct.

I don’t write these posts as political posts. I write them as financial posts under the explanatory umbrella of politics. It is the legals passed by Congress that get my blood boiling. I’m still waiting for them to pass laws.

This brings me to the subject of my next post – legal versus lawful. If, in my opinion, a person understands the very important difference between legal and lawful, a person will know why mortgage documents, for example, are merely “legal” but demand “lawful” money.

It is our money, our country, our children’s future and our heritage. Shouldn’t we, de minimis, at least fulfill our “lawful” responsibilities?

Photo Credit: srboisvert

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