I started reading a new book, Fear Itself: The New Deal and the Origins of Our Time by Ira Katznelson (March 2013). The intention of the book is to provide a broader, modern viewpoint of the New Deal and the circumstances surrounding it from the election of Franklin Roosevelt through the end of the Truman Administration. I have finished the preface and the first chapter and it is already well on its way to achieving that goal by weaving in domestic and international political circumstances. I found it compelling because until now I have never come across a story of the New Deal or the Great Depression era extending through the end of World War II that encompasses the broader unmentioned fear of the tendency toward dictatorship on the international stage. It paints Roosevelt as intent on saving liberal democracy in the preface. It also touches on the codification of segregation during the period, which is a bit of unique view. It’s quite an ambitious goal to take on so many aspects of the political history of the period, however it is 720 pages in length when printed and my expectations are high.
One of the reasons I picked it up is because I was hoping to fill the blanks in my mind about the politics of the era. I am particularly interested in the political phenomena experienced by society when its financial world falls apart in order to compare it to the events of the crash of 2008 and beyond, perhaps find some compelling parallels, and point out the dangers of dysfunctional monetary policy – particularly those of tight money.
It is time to stop fruitlessly complaining about the present circumstances, as I have done on nearly a daily basis these past few years, and use my better of talents, historical analysis, to help drive some nails into the coffin of central bank discretion. Thanks to my fellow bloggers, I have enough focused information, I think, to put together something at least thought provoking, and perhaps even persuasive.
I want to do this because the perils of dysfunctional monetary policy reach deeply into society, well beyond financial matters into basic expectations of the future from the perspective of each citizen, overflowing into our politics, tearing into the very fabric that knits us together by eroding basic shared values, and forever changing who we are as a people.
And it doesn’t seem to be of particularly good governance for such a sheer and unadulterated power of destruction and catalyst for upheaval and change, wanted or not, to be vested in an independent 12-member committee of unelected bureaucrats. We have simply got to do something about it, lest we be victimized again and again. It is time to stop the rhetorical charade about macroeconomics that flows through the media and very much too easily out of the mouths of politicians, a rhetorical charade I believe is intended to keep us insanely ignorant and take a sober look through the shroud mystery at the impact of central banking on our lives and on posterity.
I do not want to “can the Fed;” however, I do believe in a very serious way that it must be reformed by being torn down, rethought, then rebuilt in a way that is much more efficient for a complex and technologically advanced economy and is within the realm of control of the people.
But reform should not stop there. We as citizens have been sold very much short in public education regarding civics, economics and the true nature of our financial system; thus our entire generation literally does not know what hit us – and we certainly cannot count on bureaucrats to be of strong enough character to admit when mistakes have been made that ultimately shake our lives and our republic to their very cores. There must never again be such an occurrence with no truth to be found and that is completely devoid of accountability. Never again!