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Elon Musk Is incredible. Paypal, Tesla, SpaceX, and Twitter turn around are just short of a miracle. He is funny, intelligent, witty, and competitive. His ventures in business are the definition of success. But when it comes to politics, Economics, and finance, he stumbles a lot. I am not saying this because I hate Trump or something like that. I am 100% neutral when it comes to party politics. I could not care less who was winning or who was losing. I am saying this: he put his reputation for success at stake by jumping into politics at the worst time. In other words, while his timing has been perfect in business, it sucks in politics. It is going to hurt him a lot for a very long time.
Let me explain this. To summarize what I am going to tell you in this post, it is very likely that whoever is in government is going reap the distasteful fruits of all the ridiculousness that the government has been doing for the last 20-30 years, in the short run and for the over a century, in the long run. I am making a case that People at the helm of affairs in the next four years will be blamed for the wrongdoing of over a century. With little or no fault of their own, this administration is inheriting serious and hard-to-cure problems resulting from past blunders. A two trillion dollar deficit, debt ready to reach the 40 trillion mark, rising interest rates, inflation, unemployment, and a crashing real estate market are some of its symptoms.
They used to say do not fan the fire or do not serve alcohol to a drunk person. Candidate Trump was right in his 2016 election campaign. He criticized the monetary policies a lot in his speeches. But that changed when he got into the office. He pressured the Fed chairman to keep interest rates low because he did not want the bubble to pop by tightening. He tried to keep the bubble expanding in his term. This was just another proof of why Democracy is such a bad idea. It takes away the ability to think beyond four to eight years from the politicians. So-called media gurus and politicians draft the narrative highlighting four or eight years. The effects of most economic, financial, monetary, and fiscal policies are far longer than four or eight years.
This has created an identical level of short-sightedness in public as well. Mesmerized by media pieces, people cheer or boo the current regime for whatever is happening now without even glancing at the past. Although all the deep thinkers and economists, especially in Austrian Economics and libertarian circles, realize that the process started in 1913, or even before, and was highly accelerated in the 90s and 2000s, no one in the public sphere is talking about it because every single media outlet, both political parties, every single government department, most academia, most gurus, most experts have played a roll in it. Pointing it out is like pointing fingers at themselves.
So, what started at the beginning of the last century and accelerated in the 90s and 2000s was brought to its pinnacle by Trump’s first term and the so-called Pandemic manufactured by preemptively pardoned Dr. Fauci. I know I said that the process was started at the beginning of the twentieth century. But if I want to get to the root of it, I will have to go back to Alexander Hamilton, the second president of the United States. Americans fought a revolutionary war against Britain because Americans hated the imperialism of Britain, the British system, especially the British Financial system, banking and taxation, and British tyrants. However, Alexander Hamilton wanted to import the British imperial and crony mercantilism to America and put the American stamp on it.
He wanted a central bank to build a big government, while one of the primary goals in the American constitution was small and limited government. Along with his cronies in politics and business, he successfully replaced the Declaration of Independence with the Articles of Confederation and later with the Constitution. He and his cronies also successfully drafted the Constitution with loopholes like the commerce clause and without a Bill of Rights. Kudos to the colonies, later called states; they refused to ratify the constitution without specified rights. So, under pressure from states, the so-called constitutional convention added the Bill of Rights to the Constitution. Some of the critical language in it was intentionally kept loose.
Even this was not enough for him. He insisted on reading between the lines of the Constitution, i.e., making the wildest possible interpretation without regard to the intent and literal meanings. He also kept propagating the insane idea that states did not ratify the constitution, but it was ratified by people, his way of hurting states’ rights. He wanted a president elected for life who would appoint governors, a king like the British Monarch. As soon as he got into office, he intensified the efforts to establish a central bank run by politicians. None of his grandiose plans could come to fruition without an unlimited supply of easy money at taxpayers’ expense.
Up to 1913, his descendants never gave up on the idea. In the meantime, two central banks were erected but did not stand for long because of intense public opposition. Finally, there was a secret meeting in Jekyll Island, Georgia. America’s largest and wealthiest bankers participated in it. In that meeting, these crony bankers drafted a resolution for establishing the Federal Reserve. Bank runs, recessions, shortage of money, economy, finances, business, every possible excuse was made for the bank. Still, the legislation could not get through Congress because constituents in most constituencies were still so against it.
After several attempts, the fed came into existence. Its stated goals were fighting inflation (There was no inflation at that point), preventing recessions (There were few recessions, each was short-term and was on a small scale compared to recessions now), stabilizing the job market (Unemployment was not a problem up to that point). Read the history since 1913, and you will quickly realize how big of a disaster the Fed and its 1913 twin, the IRS, have been.
