"The financial crisis is, fundamentally, a moral crisis. The extent to which Americans accept that they have a moral duty to sacrifice for the sake of others is the extent to which they will allow our government to compel us all to do so—by means of further interventions, further subsidies, further controls. To end the crisis, we must acknowledge that government intervention caused it, and we must demand that the government begin removing its coercive hands from the economy. With an eye to the short term, we must demand that it scale back the powers of the GSEs, the Federal Reserve, and the FDIC; and with an eye to the long term, we must demand that the government abolish these agencies entirely and restore a gold standard run by private, currency-issuing banks subject solely to the objective commercial and bankruptcy codes.33 But in order to advocate these reforms, Americans must reject the moral code that stands in the way. We must reject altruism. We must defend each individual’s right to exist, not as a slave to the needs of others, but for his own sake—bankers included." —Richard M. Salsman theobjectivestandard/issues/2009-spring/altruism-financial-crisis.asp
Posted on: Thu, 20 Jun 2013 16:25:19 +0000
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