Wall Street's Bull: For Separation of Church and Economy

I initially found this to be true. But as I thought of this image for several weeks, I realized I had concluded such truth too hastily.

The GOP has not betrayed Wall Street, nor has Wall Street just now begun worshiping a golden calf. These things have been true for decades, but people are only now realizing it. And it will be forgotten until the next economic crisis. The masses have a short memory.

The GOP speaks on behalf of the free market, but they do the true free market supporters a disservice. They do not support the free market, but big business as Kevin Carson has pointed out in The Iron Fist Behind the Invisible Hand. This system has many forms such as corporatism, state capitalism, mercantalism, and crony capitalism.

The free market would support smaller businesses more than larger businesses. This is not to say I'm inherently opposed to big business. But throughout history, government has given corporates an unfair advantage. The most obvious one is their legal status as their own person.

What is this golden bull that Wall Street has always worshiped? The idea that wealth can be created out of thin air. And that is giving them the benefit of doubt of not having more sinister motives. Wealth cannot be created by printing more money; it only devalues the money. This increase in the money supply is called inflation. If one were to dump a bunch of dollars in your neighborhood(inflation) and wall it off, your prices would rise(inflation's result). This causes your currency to buy less than it formerly did.

And what is a more sinister motive? It is one where they know the above and act carelessly anyway to become more wealthy. The bankers and government contractors are usually the first to receive the government currency meaning they are gaining the currency to buy good and services that have not yet adjusted to the inflation through the rising prices.

It is no different than the benefit a counterfeiter gains. In fact, the government is a counterfeiter. Anyone creating wealth out of thin air with no value supporting it is a counterfeiter. Such actions are to be condemned as extremely foolhardy. Currency, the media of exchange, is one of the most integral pieces to our economy. Without a stable currency we are limited in our ability to act productively and resort to an economy barely better than a barter economy.

Both the GOP supporting big business under the guise of the free market and Wall Street's plundering of the economy(whether through ignorance or sinister motives) work together to damage the true free market advocates and our economy. The continued inflation and misallocation of resources has given us this economic damage. The free market rhetoric by Bush and his cronies has caused many to blame the free market unfairly and to support more government intervention in the economy. One must constantly work to point out the hypocrisy of Bush and the GOP's words and actions in their daily conversations on the topic.

And the song, by White Lion, the above image referenced:



(Image courtesy of PunditKitchen.com)

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