Wednesday, July 21, 2010

Capitalism can't be failing when it doesn't exist.

"Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!"

-- Ron Paul(1935-) American physician, US Congressman (R-TX) Source: Has Capitalism Failed?, July 9, 2002

HT Liberty Quotes

Also---be sure to check out a great post by 3 Ring Binder on politicians then and now.


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