Obama’s Economic Policies Are More Insane than FDR’s

The "1st" Stimulus

After FDR confiscated all of the gold held by US citizens in 19331, via Executive Orders, 6073 and 6102, he would meet every morning while he was having breakfast and set the market value of gold.  On one such meeting Roosevelt exhibited the epitome of arrogance of power and the capriciousness of the government:

“One Friday in November 1933, for example, Roosevelt told Treasury Secretary Henry Morgenthau that he thought the gold price ought to be raised 21 cents. Why that amount, Morgenthau asked. “Because it’s three times seven,” FDR replied”2.   His Secretary of the Treasury later wrote: “if anybody knew how we set the gold price, through a combination of lucky numbers, etc., I think they would be frightened.” 2

Scared yet? 

How many such meetings have taken place between Obama and Geithner? Some topics probably included: 

  • Which banks to bail out and which ones to let fail; 
  • How much should we force all of the top US banks to take in terms of a bailout whether they wanted it or not;
  • How to shaft the stock and bond holders of GM and Chrysler so they could “give” the companies to the Unions; 
  • How to further devalue the value of the dollar so they can force us to accept a Global Currency;   
  • -Who should receive TARP and Stimulus gifts to maximize their political and progressive agenda;
  • The FED has been investing in Gold.  When will Obama make private gold ownership illegal like FDR did 

Have you wondered yet why Obama’s progressive economic policies have not resulting in a robust, low unemployment recovery?  Because he is using the same flawed and failed tactics that Roosevelt did during the Depression.  Roosevelt had his own list of “too big to fail” and they were given preferential treatment and in fact put in charge of the small businesses in their business sector.  Roosevelt devalued the dollar over and over again while inflating the money supply.  Creating infrastructure projects rather than turning the private sector loose to generate growth.  Demonized specific businesses and business leaders and even having his executive departments investigate the businesses and individuals. Big businesses would not invest due to the unclear future and action of the government and small business could not survive under the crushing business environment and lack of capital and customers.

 In short, Government could not get us out of a Depression and it cannot get us out of a Recession.  Government needs to slash business taxes, investment/capital gains taxes, eliminate burdensome regulations, can stop manipulating interest rates, the money supply and the value of the dollar.  Let businesses and individual Americans keep their property and use it to create wealth and prosperity.

Obama’s efforts are worse than FDR’s since FDR did not have history to look back to.  Obama does, he just needs to look at the massive mess FDR made in CREATING and PROLONGING the Depression.  But, he already has and FDR’s history fits nicely with Obama’s progressive, big government agenda.

November 2nd is a little over a week away.  Don’t forget to Vote, it matters…

RD Pierini

1Except Rare Gold Coins; Due to eminent domain problems that would have forced the government to set a fair market value of these coins, these coins were exempted from the executive order.

2http://www.washingtonpost.com/wp-dyn/content/article/2008/12/30/AR2008123002660.html

3If you do not subscribe (free) to Imprimis, a publication of Hillsdale College, we strongly recommend you do so.  Go to: https://www.hillsdale.edu/news/imprimis/subs_new.asp

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