"Pilate saith unto him, What is truth? And when he had said this, he went out again..."

Location: Tampa, FL, United States

Sunday, February 08, 2009

Why Did the Economy Tank?

Sen. Kay Bailey Hutchison (R-Tex) told Mike Huckabee on his FOX News show tonight that the economy tanked because of the housing market and derivatives. This is like saying the apple led to the fall of man and not the sin of disobedience. No one disputes the impact loose credit and federal intrusion into lending requirements had on the economy but there needs to be deeper digging. If central banking, the use of fiat currency and fractional reserve banking persist unchallenged and unabated the inflationary boom-bust cycles will continue until the dollar is hyperinflated and rendered worthless. This axis of fiscal evil ultimately puts property rights squarely in the hands of political despots, and as such is a pro-slavery position. That's not a feel-good way to assess the American monetary system but it's accurate nonetheless.

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