I Do Not Support Peter Schiff For Senate

(Austrian) Economics, Democracy, Vulgar Politics
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Peter Schiff is an excellent economist and his appearances on various financial shows (and the corresponding Youtube clips and blog posts) have contributed to the economics education and financial health of thousands of people. Why on earth is he running for the Senate?  1 Does he really believe that the political process has even a remote chance of limiting the size and scope of government? Such a belief is truly absurd for two reasons:

  1. The inherent inertia of the political workings of Washington D.C. makes it nearly impossible to slow down the growth of government; actually shrinking the government from the inside borders on impossible.
  2. Even if I am wrong that it’s an impossibility to shrink government from the inside, what it would require is more than three libertarians. Were Schiff to win, and Ron Paul’s son Rand Paul to win also, that would make 3 libertarians in Congress (I’m generously calling Rand a libertarian, mind you) vs 532 socialists of varying degrees; worse, their forces would be split, as Schiff and Rand would be in the Senate (2 vs 98) and Ron would be in the House (1 vs 434). You’ve got to be kidding me.

I’d prefer to see Schiff save his money and that of all the people who would donate to his campaign (freedom-lovers) so they can use it to brace for the impact of this onsetting depression. Tossing so much into the political advertising money pit is a total waste. That’s an enormous amount to spend ($30 Million or so?) in the hopes that Peter can get elected and make great speeches on CSPAN, given that he already gets invited to speak on the financial circuit with little or no out-of-pocket expense on his part. In fact, Schiff has already had to cease appearing twice per week on one of the financial shows due to campaign laws, so now we’re back to all Keynes all the time. And even if he were to win, it’s doubtful the Republican leadership would seat Schiff on any of the important financial committees, so what would he really accomplish in the Senate? Maybe introduce a few bills which never make it out of committee?

Worst of all, I fear Schiff doesn’t really have a shot of winning since libertarianism doesn’t really resonate with the masses (yet), so all of that time and money campaigning will likely be wasted. (Yes, I know I just made an objective truth claim about others’ subjective evaluations which is an Austrian no-no.)

  1. Schiff’s campaign website has been taken down. ↩

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Liberals to Blacks – “Either You Are a Liberal or a Sell-Out”

Democracy, The Left, Vulgar Politics
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One of the advantages liberals have with a black president is that they can decry any opposition to him or his policies as “racist”. Do you disagree with the health care bill? Clearly you are a racist. So you oppose Obama’s bailout plan? You must be a racist. Do you think McCain should have been president? You must be a member of the KKK. But what do you call black people who oppose Obama? They must be sell-outs.

Many blacks have been joining the Tea Party and some are paying a personal price for doing so:

“I’ve been told I hate myself. I’ve been called an Uncle Tom. I’ve been told I’m a spook at the door,” said Timothy F. Johnson, chairman of the Frederick Douglass Foundation, a group of black conservatives who support free market principles and limited government.

“Black Republicans find themselves always having to prove who they are. Because the assumption is the Republican Party is for whites and the Democratic Party is for blacks,” he said….

“I’ve gotten the statement, ‘How can you not support the brother?'” said David Webb, an organizer of New York City’s Tea Party 365, Inc. movement and a conservative radio personality.

Since Obama’s election, Webb said some black conservatives have even resorted to hiding their political views.

“I know of people who would play the (liberal) role publicly, but have their private opinions,” he said. “They don’t agree with the policy but they have to work, live and exist in the community … Why can’t we speak openly and honestly if we disagree?” …

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Age Must Be Catching Up With Paul Volcker

(Austrian) Economics, Democracy, Humor, Vulgar Politics
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There’s no shame in Paul Volcker’s being confused. It’s common for men his age (82) to slip into an afternoon slumber and wake up discombobulated — it can take a little while to reorient. And that’s when the memory is working well; but, let’s face it, an elderly man’s memory isn’t always fully functional. So that’s why I think it’s only fair to cut the Chairman of the President’s Economic Recovery Advisory Board some slack for his comments yesterday when he announced that taxes were likely to rise in order to “tame” the deficit:

The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday. Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax “was not as toxic an idea” as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. “If at the end of the day we need to raise taxes, we should raise taxes,” he said.

See, he has to be confused because my memory still works really, really well, and I remember this from the campaign:

Old “joke”: Know how you can tell if a politician is lying?

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