The whole point of free speech is not to make ideas exempt from criticism but to expose them to it.

Monday, August 17, 2009

Withdrawal anxiety

"The problem with socialism is that eventually you run out of other people's money." —Margaret Thatcher

(Not that I think Margaret was more accurate than a stopped clock, but with that statement she was on time.)

A friend of mine asked my opinion of the following proposition:

A number of people, scattered across the country, are calling for what is in essence a limited strike - a mini John Galt (a reference to "Atlas Shrugged") effort. They want to get as many people, as possible - perhaps a million, nationwide, to withdraw as much money as they can from their personal and business accounts - IN CASH - on Monday, 14 SEPT, to trigger a short, sharp liquidity crisis for the purpose of urging Congress and the Administration to do three things: (1) Audit the Fed, (2) withdraw the cap-and-trade legislation and related regulation of carbon dioxide as a pollutant, and (3) withdraw the current "health-care reform" legislation and replace it with a free-market version such as that proposed by Whole Foods CEO John Mackey in the Wall St. Journal a few days ago.

My friend asks: What do you think? Will this have any impact? What will the powers-that-be do in response? Is this a good follow-up to Tea Parties and townhall meetings?

I'll answer in the first comment on this post.


Bob Newland said...

First, Mackey's piece in the WSJ makes more sense than anything I've seen any politician propose about health care.

Second, I am for anything that has a chance of slowing Congress and the administration down a little in its wholesale plundering of the public kitty.

Sadly, I don't hold much hope for getting a million people to withdraw their money in cash from their banks. Or to do anything meaningful.

Bill Fleming said... then what? Pay your health insurance premiums in cash?

Les said...

Hmmm audit the Federal Reserve? Rumor had it that president Kennedy had a new operation planned for the Federal Reserve at one time.

Bob Newland said...

Rumor has it that might have been why JFK was shot.

Bill Fleming said...

Hmmm, the Mackey solution is in many ways similar to the one outlined in Goldhill's article (see posts below).

The only thing that sticks out for me is the tort reform argument. I'm not willing to go there on that one. The Corps need to be held accountable by something other than the free market, at least in the short run.

Once the reforms are in place, the lawsuits might become unnecessary. But that time is not now (see the Goldhill story.)