26 July 2010 - 26 October 2010 It would be irresponsible in the extreme for an individual to forestall a personal recession by taking out newer, bigger loans when the old loans can’t be repaid. However, this is precisely what we are planning on a national level.I believe these ideas hold sway largely because they promise happy, pain-free solutions. They are the economic … [Read more...] about Leithner Letter Nos. 127-130
Leithner Letter Nos. 124-126
26 April 2010 - 26 June 2010 It would appear that the more liberty we lose, the less people are able to imagine how liberty might work. It is a fascinating thing to behold. People can no longer imagine a world in which we could be secure without massive invasions of our privacy at every step, and even being strip-searched before boarding airplanes, even though private … [Read more...] about Leithner Letter Nos. 124-126
Leithner Letter Nos. 120-123
26 December 2009 - 26 March 2010 After nearly four months of frank, honest, and open dialogue about the failing economy, a weary U.S. populace announced this week that it is once again ready to be lied to about the current state of the financial system. Tired of hearing the grim truth about their economic future, Americans demanded that the bald-faced lies resume immediately, … [Read more...] about Leithner Letter Nos. 120-123
Leithner Letter Nos. 117-119
26 September 2009 - 26 November 2009 From the beginning of the current financial crisis, many officials have been insisting that a big part of our problem is “confidence.” Remember back [in October-November 2008] when the $700 billion bailout was supposed to inject “confidence” into the financial system? I can’t help but think of another definition of “confidence” – as in a … [Read more...] about Leithner Letter Nos. 117-119
Leithner Letter Nos. 114-116
26 June 2009 - 26 August 2009 My arrival (very recently) at philosophical anarchism has disturbed some of my conservative and Christian friends ... My fellow Christians have argued that the state’s authority is divinely given. They cite Christ’s injunction “Render unto Caesar the things that are Caesar’s” and St Paul’s words “The powers that be are ordained of God.” But Christ … [Read more...] about Leithner Letter Nos. 114-116
Leithner Letter Nos. 111-113
26 March - 26 May 2009 Private ownership of savings … can be socially controlled. The social abuses connected with savings are encountered mainly in the mechanics of investment and financial management by the large banks, savings institutions, and insurance companies which handle savings. It is a relatively easy matter for the State to preserve the present de facto rights and … [Read more...] about Leithner Letter Nos. 111-113
Leithner Letter Nos. 108-110
26 December 2008 - 26 February 2009 The government’s policy [is creating] a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be … [Read more...] about Leithner Letter Nos. 108-110