Saturday, 6 July 2013

The Roots of America’s Great Depression: Big Government and the Federal Reserve System

By Vincenton Blog

In the vast realm of politics, the fight between good and evil is significantly represented by an epic duel between individualism and collectivism— between freedom and statism— between freedom of action and government control. For most part of human history collective good was always considered highly superior to individual freedom owing to the mystical notion that every individual exists merely to serve the good of many, or to serve the interest of society. Collective good or public good is one of the main justifications deftly employed by the statists in pushing for more interventionist government rules to control and regulate certain sectors of society or certain individual actions, which are deemed inimical to public interest or social welfare.

All man-made catastrophes and tragedies in the past centuries were primarily caused by man’s failure to think— or by the failure of the individual to use reason in order to guarantee his survival. The past more than 100 years saw the rise of collectivism and dictatorship in many countries across the world— from Soviet Russia to Germany to Imperial Japan to China and so on— because of the failure of the people to defend their individual freedom and rights against the poetic altruist-collectivist rhetoric of political demagogues who promised ‘heaven on earth.’ These collectivist countries showed or demonstrated how excessive or absolute government controls could ruin the individual, his freedom and rights, his life, and his future.

Despite a long list of historical facts and evidence confirming that state intervention or government controls led to the ultimate collapse of the ruthless, evil dictatorships of the past century, many people today— those who still have vestigial beliefs in the interventionist power of the state—clamor for more government powers to rule our lives. It is this unthinking herd who preach that monstrous, mediocre lie that laissez-faire capitalism or lack of government intervention caused many economic and social disasters over the past century. They observed the comfortable state of today’s businessmen who continue to create wealth and jobs for the unemployed, so they arrived at a mediocre conclusion that failure of government control and too much economic freedom were to blame for most of history’s economic turmoil. They saw the sorry fate of the jobless, the penniless, and the dying souls in depressed areas, so they concluded that the state must play a bigger role to guarantee social justice and equality for all. They were appalled at the widening income gap between the poor and the rich so they devised a plan to correct this atrocity and injustice: sacrifice the successful, the rich and the productive in the name of the common good or the greater good.

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