Posts Tagged ‘austrian economics’

Obama Needs an Econ Lesson

March 12, 2009

Today, in a meeting with business leaders, President Obama said that he wanted to avoid future “boom and bust cycles in our economy.”

When I read that headline I nearly fell out of my chair.  Could he finally be getting it?  Did he read a text book or visit a website about the Austrian School of Economics?  Did he have a chat and really listen to Ron Paul?

Unfortunately, no.  His next line was something along the lines of “with more regulation and oversight.”

So Obama thinks we can solve the boom and bust cycles with more oversight and regulation?  How naive.  Someone needs to send him an email link to or a copy of Ron Paul’s book, The Revolution.  Give him an economics textbook that shows the Fed’s monetary policies are responsible for the booms and busts.

We might need more oversight, but last thing we need is more regulation and intervention.  We need to stop the root of the problem, which is the central planning of the Federal Reserve.

Maybe if he is so serious about ending the boom and bust cycles, he will help promote Ron Paul’s HR1207, a bill to allow for an audit of the Federal Reserve.  If we can not end the Fed immediately, the next best thing is to take back control of their actions and halt the printing press they have.

Alas, I’m pretty sure this was all lip-service by Obama to the business leaders.  He’s just saying this, and not meaning any of it.  Just like all of his campaign promises.  He says the right thing a lot of the time, but the methods he uses to attempt to reach these means are ill-fated, self serving, and bound to fail.