Daily Archives: 16 April 2009

Ron Paul and the Pirates

I like the last part of this speech. It is vain and irresponsible of government to prohibit ships, airline pilots, or citizens from defending themselves. Government has always wanted to be the sole arbiter of force. We must stand up for our right of self-defense.

“A little-known congressional power could help the federal government keep the Somali pirates in check — and possibly do it for a discount price.

Rep. Ron Paul (R-Texas) and a growing number of national security experts are calling on Congress to consider using letters of marque and reprisal, a power written into the Constitution that allows the United States to hire private citizens to keep international waters safe.

Used heavily during the Revolution and the War of 1812, letters of marque serve as official warrants from the government, allowing privateers to seize or destroy enemies, their loot and their vessels in exchange for bounty money.

The letters also require would-be thrill seekers to post a bond promising to abide by international rules of war.” (Read more from politico.com)

Missing the Point

Long time readers will know that I am a fan of Bill Moyers, but I humbly disagree with the thesis of this interview with William Black.

I agree that government regulations on Wall Street have been thoroughly, and blatantly scuttled. (Surprise, surprise.) In my humble opinion however, this observation misses the point.

As usual, they speak honestly, but from a certain set of assumption. William Black seems to take for granted that government needs to subsidize bad home loans. Think back to how Presidents Clinton and later Bush W. both bragged about how a record number of American’s “owned” a home.

If government insists on subsidizing bad loans, bailing out incompetent banks, etc., regulation is need. I agree, but that’s a big IF.

In a free market world where banks simply faced the consequences of irresponsibility, there would be self-regulation and investor-led-regulation more stringent than anything government bureaucrats would ever come up with. Irresponsible companies would go bankrupt.

Liberty works, but we need to give it a chance.