The Great Depression Online

Great Depression Online Archive Issue:

Suspicious of Change

Great Depression Online
Long Beach, CA
October 31, 2008

Inside This Issue You Will Discover…

*** A Break from the Usual Beat
*** Condolences
*** Suspicious of Change
*** And More

“That government is best which governs least.” – Henry David Thoreau, Civil Disobedience

A Break from the Usual Beat

Our beat here at the GDO is money…not politics.  In this regard, we try to limit our discussion of politics to that which relates to money…and the curious mixture of money and government along the banks of the Potomac River.  But with the election next Tuesday, it seemed fitting that we scribble down some thoughts on the great spectacle.

First, before we begin, we must preface what follows with a small disclaimer. 

Our political leanings fall under that of classical liberalism.  We esteem ideas like individual freedom, limited government, natural and property rights, constitutional limitations of government, and free markets.  Such ideas are about the exact opposite of what’s considered liberal in today’s common use of the word.  But that doesn’t mean we’re automatically Republican.

The fact is we always wanted to be Republican in the sense that we wanted to be represented by a political party that believed in limited government, individual liberty and right to private property.  At one time the Republican Party was supposed to care about these things.  Alas, at the federal level, they no longer do.

~~~~~~Top Secret~~~~~~

Top Secret: Government “Bailout” Planners Don’t Want You to Read This!  Inside this Free Report, our friend and Wall Street Legend Bob Prechter offers blunt commentary and sharp analysis that reveals the truth about what’s really going on in the U.S. financial markets, in Congress, and at your very own bank.  Break the cycle of misinformation here: Top Secret.


With that proviso out of the way, here go our thoughts…


Our condolences to the 44th President of the United States.  Why any one would ever want such an awful job, we’ll never comprehend.

But whoever the next President is, he’ll need lots of luck – and Mylanta – to deal with the global financial crisis…particularly the avalanche of debt poised to bury the new administration as it takes office.

The first $1 trillion federal deficit – if not more – will arrive along with an extended contraction of GDP.  In fact, the deficit as a percent of GDP could reach double digits.

Historically, a deficit to GDP ratio of 7% has brought the wrath of a currency default to those countries reckless enough to pursue it.  So the next President may have a currency crisis to deal with too.

But that’s not all…

The geopolitical climate has several pots simmering too.  Russia’s behaving like its former self.  There’s the increasing nuclear threat from Iran and North Korea.  And we’re just one energy crisis away from a full boil over of Middle Eastern oil politics.  Plus there’s Iraq, Afghanistan, Al-Qaida, terrorism, and more.

Quite frankly, neither man seems entirely up to the task…but who would be?

Ultimately, our vote for President will be for the candidate that can pass through the following filter…   

Suspicious of Change

We’re intensely suspicious of change.  For change is often for the worse.  And change, in the sense of social change, is often in the form of political activism at the forfeit of individual liberties. 

Our gripe with the social changer is that they’re under the conceit that they know what’s best for others.  That if they can just get people to do what they want, to behave a certain way, they can remake the world in their image and that it will somehow be a better place.

The political activist is under the delusion that he can enact laws of philanthropic tyranny to rid the world of poverty, stop global warming, heal the sick, save the whales, end the obesity epidemic, control population, make Al Gore relevant, give sight to the blind, and whatever else he deems ails society…yet he has never volunteered at the local rescue mission.

In our opinion the world would be a better place if such coercive do-gooders would leave people alone…rather than dreaming up schemes to control them while collecting a hefty fee to do so.  But don’t listen to us; we’re just dimwitted crotchety types who find such drivel as “economic justice” to be cover for fraud and theft.

So what to make of this great election spectacle?

Theodore Roosevelt tells us that “Character, in the long run, is the decisive factor in the life of an individual and of nations alike.”  

John McCain’s a war hero.  And an all around good guy.  And while he may not have much polish to him, we consider that a good thing.  For polish makes things slick.  And the last thing we want is a slick guy in office.  Furthermore, while we are uncertain whether McCain will do a good job, we are confident he won’t screw things up too much.

Barack Obama, on the other hand, is a well polished community organizer.  We’re not sure exactly what that is.  But we imagine it’s something we wouldn’t much care for.  And while there’s a sort of fresh novelty to the prospect of a black President, we aren’t persuaded that Obama’s the man for the job.

For aside from skin color, Obama has another quality to him that would also be a first for an American President.  In particular, he possesses a certain character trait that no U.S. President’s ever had.  And while this trait’s not always indicative of a destructive leader…every leader throughout history who’s ever destroyed a country has had this in common.  For Obama is not merely a black man; he is an activist.


M.N. Gordon
Great Depression Online

P.S.  Top Secret: Government “Bailout” Planners Don’t Want You to Read This!  Inside this Free Report, our friend and Wall Street Legend Bob Prechter offers blunt commentary and sharp analysis that reveals the truth about what’s really going on in the U.S. financial markets, in Congress, and at your very own bank.  Break the cycle of misinformation here: Top Secret.

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