Maybe we could call it a "sobering" article, except that nobody is going to get sober after reading it. An article detailing all the problems caused by getting drunk all the time won't cause an alcoholic to stay sober. Root's article will not bring economic sobriety.
Isn't that why Root went to the trouble to write this article? Doesn't he believe on some level that his article will spur action and prevent the next depression?
As a political candidate, I'm always looking for the "silver bullet" -- the sound bite that will cause voters to wake up and vote the right way.
Root's article is not the silver bullet.
First of all, the title of Root's article is wrong. He only proves THAT "the Greatest Depression of All Time Has Begun," but he does not explain WHY it has begun.
Perhaps this line is the first clue:
> America has always been a land of boom and bust.
> It's just part of business cycle.
Boom-bust has been exacerbated by the Fed since it was founded in 1913. Before 1913, "cycles" were not "cyclical." They only happened as discrete and individual incidents when banks created money out of thin air, inevitably in collusion with the government.
But WHY did banks create money out of thin air?
Was it a technical accounting error?
An impersonal mistake?
An unavoidable, inevitable economic "cycle?"
No, it was a moral problem.
People wanted "something for nothing."
Borrowers wanted free money.
Banks wanted the interest.
Nobody wanted to work and save, earning wealth the old fashioned way.
In an introduction to his notes on the Constitutional Convention's deliberations in Philadelphia, James Madison, the "Father of the Constitution," noted that one of the defects the Convention was assembled to remedy was that
In the internal administration of the States, a violation of contracts had become familiar, in the form of depreciated paper made a legal tender.Most Americans could not explain this statement.
They could not explain why paper money helps violate contracts.
Art. 1, § 10, ¶ 1 of the Constitution was written to remedy this problem:
No State shall ... make any thing but gold and silver a legal tender in payment of debts;
In Federalist Paper No. 44, possibly the most authoritative source for constitutional interpretation, Madison explained the provision:
The extension of the prohibition to bills of credit must give pleasure to every citizen, in proportion to his love of justice and his knowledge of the true springs of public prosperity. The loss which America has sustained since the peace, from the pestilent effects of paper money on the necessary confidence between man and man, on the necessary confidence in the public councils, on the industry and morals of the people, and on the character of republican government, constitutes an enormous debt against the States chargeable with this unadvised measure, which must long remain unsatisfied; or rather an accumulation of guilt, which can be expiated no otherwise than by a voluntary sacrifice on the altar of justice, of the power which has been the instrument of it. ... No one of these mischiefs is less incident to a power in the States to emit paper money, than to coin gold or silver. The power to make any thing but gold and silver a tender in payment of debts, is withdrawn from the States, on the same principle with that of issuing a paper currency.Madison says paper money has "pestilent effects" on "the industry and morals of the people." This means people have come to want "something for nothing."
All of the problems listed by Root are fundamentally MORAL problems. They are not the effects of impersonal economic cycles. They are not imposed on a God-fearing, moral America by devious atheistic socialist conspirators.
I guess I'm more pessimistic and depressing than Wayne Allyn Root. He must assume that Americans are educated enough to read and understand his article. I don't.
But WHY are Americans largely illiterate?
Because being educated takes work, and Americans want something for nothing. They want degrees and certificates that LABEL them as being educated, but they don't want to WORK at actually being educated.
Government-run schools no longer teach students that there is a God. "Public" schools no longer teach the duty to obey "the Laws of Nature and of Nature's God." Every student is taught that he is his own god. He does not have to obey teachers. He does not have to respect the learning environment of other students. He does not have to work at being informed. He will get his diploma no matter how stupid he is. He is entitled to it. All gods are entitled to everything they want. These students will grow up to be "voters," voting to get "something for nothing." They will destroy the economy.
All of these "impersonal economic problems" are actually personal immoral actions committed by people who reject God and His Commandments.
The only solution to Big Government is religious revival.
Voters must confess, "God is God; I am not."
The State must confess, "God is God; I am not."
This is the silver bullet.