haleygk74: Making Internet Money

...hopelessly outgunned presidential campaign as if it was a business, not even spending more money than he had in hand. C'mon now, how laughable is that in this day and age in modern America that someone who wants to run the federal government should live within his own campaign means? Just like normal people who live on a real budget with no ability to vote themselves a pay raise and a higher debt ceiling when no one is watching C-SPAN!

When the ultimate Democratic winner, in league with the extraordinary gentleman Harry Reid and the tough-talking San Francisco grandma who's House speaker, has decided to spend a gazillion more dollars than any non-federal calculator has digits to display.

These people, for Nancy's sake, are already spending the income taxes of the unborn grandchildren of those 4,000 babies that Paul delivered. A shocking realization that may be helping to fuel the recent re-examination of Ron Paul, who never met a federal dollar that needed spending -- unless it was going back to his district near Houston.

Ron Paul came within something like 1,000 delegates of catching John McCain for the Republican nomination in St. Paul. But when he finally gave up, Paul still had about $5 million left over. He's been investing it traveling around the country to speak and helping like-minded RFR's (Republicans For Real) organize all over. And, who knows, maybe sell a few books.

But now, just as his fierce supporters fearlessly predicted all along, many in American politics are coming around to think that maybe RP's crazy ideas, for example, of auditing and controlling the Federal Reserve, are maybe not quite so crazy.

Our news colleague in Washington, Don Lee, details the sea-change in opinion in a comprehensive look at the old guy's rebirth for weekend print editions, which we're sharing here this morning as a distinguished guest post for Ticket readers around the world.

And for any surviving Ron Paulites, who won't dare leave their typically snippy comments below because that would require them acknowledging that their favorite fiction about a MSM conspiracy to ignore the old guy is fiction.

-- Andrew Malcolm

Because no federal funds are involved, Ron Paul would want you to click here for Twitter alerts of each new Ticket item. Or follow us @latimestot. Or join us over here on The Ticket's new Facebook FAN page.

Here's Lee's reported news item:

For three decades, Texas congressman and former presidential candidate Ron Paul's extreme brand of libertarian economics consigned him to the far fringes even among conservatives. Not a few times, his views put him on the losing end of 434-1 votes on Capitol Hill.

No longer. With the economy still struggling and political divisions deepening, Paul's ideas not only are gaining a wider audience but also are helping to shape a potentially historic battle over economic policy -- a struggle that will affect everything including jobs, growth and the nation's place in the global economy.

Already, Paul's long-derided proposal to give Congress supervisory power over the traditionally independent Federal Reserve appears to be on its way to becoming law.

His warnings on deficits and inflation are now Republican mantras.

And with this year's congressional election campaign looming, the Texas congressman's deep-seated distrust of activist government has helped fuel protests such as the tea-party movement, harden partisan divisions in Washington and stoke public fears about federal spending and the deficit.

"People are wondering what went wrong. And they're not happy with what the....

....government is offering up," said James Grant, editor of Grant's Interest Rate Observer, offering an explanation for why seemingly wonkish arguments over interest rate policy and the money supply are spilling over onto ordinary Americans.

Some of Paul's most extreme views are still beyond the pale for most economists. Despite the eroding value of the dollar, no one expects the U.S. to return to the gold standard, as Paul advocates; most economists think that could wreck the economy.

In their less drastic forms, however, Paul's ideas are being welcomed by conservatives and viewed with foreboding by liberals. For conservatives, runaway inflation constitutes the biggest potential threat to the nation's future. Liberals worry that cutting back stimulus efforts too soon could slow or even halt the current recovery.

The debate over that question -- what the basic thrust of U.S. economic policy should be -- is likely to dominate the coming elections and Washington policymaking.

And so far, Paul and his fellow conservatives are on the offensive. President Obama and congressional Democrats are repeatedly pledging not to increase the deficit and to begin cutting back soon.

"I think we're going to be in for more revival of fiscal responsibility," said William Niskanen of the Cato Institute, who headed the Council of Economic Advisors under President Reagan.

Niskanen sees the Texas Republican's increasing influence as stemming from the continued economic weakness. "To this extent, Ron Paul gains voice," he said.

Paul would go a lot further in cutting back the government's role than even free-marketers like Niskanen support. If Paul had it his way, for instance, he would do away with the Fed entirely. In his bestselling book "End the Fed," he lambasted the central bank as an "immoral, unconstitutional . . . tool of tyrannical government."

Such rhetoric might once have been dismissed as extremism.

But Paul's anti-Fed message has drawn broad support because of the central bank's failure to restrain the flood of cheap money and excessive risk-taking in the years leading up to the financial crisis.

It has stirred rallies on college campuses and supportive commentaries from Wall Street pundits. More than 300 representatives in Congress have embraced Paul's ideas for reining in the Fed.

The response "is even more than I ever dreamed," Paul said in an interview, reminiscing about one evening during his 2008 White House run when University of Michigan students chanted "End the Fed" and burned dollar bills.

Paul, a skinny 74-year-old with a hangdog expression, understands that historical circumstances have thrust his ideas to the fore. "An intellectual fight is going on," he said.

Paul traces his economic views to his frugal upbringing in Pittsburgh at the tail end of the Depression. He saved pennies from delivering newspapers and helping out his father's small dairy business.

And his first economics class at Gettysburg College was an eye-opener, Paul said. When a professor explained how banks keep only a tiny part of their deposits on hand and earn money by lending out the rest, Paul discovered one of the "tricks" of the financial system.

Beyond that, Paul's ideas are grounded in the work of economic thinkers from an earlier era who focused on problems similar to those besetting the U.S. today.

In particular, Paul is a disciple of Ludwig von Mises, an Austrian theorist born at the end of the 19th century who contended that government intervention in an economy would fail because free markets were better at allocating resources and fueling growth.

Having lived through Germany's devastating hyperinflation in the early 1920s, which helped pave the way for Hitler, Mises wrote long before the Great Depression that over-generous credit policies would encourage excessive borrowing, creating a boom and then a bust.

Mises' ideas became central to what is known as the Austrian School of economics, which emphasized tight controls on credit and money supply, a strategy that discouraged financial ups and downs but tended to slow growth.

By 1940, when Mises arrived in America, most Western economists had embraced the competing theories of Britain's John Maynard Keynes, who called for government to stimulate the economy by spending on infrastructure and cutting interest rates.

Obama has largely followed the Keynesian script, as President George W. Bush did when the economic crisis broke.

Paul's once-lonely espousal of the Austrian School's ideas has gotten new impetus from conservative economists and Republican political strategists.

"A lot of good ideas were shoved aside because of the Depression and the rise of the Keynesian view of the world," said George Selgin, an economics professor at the University of Georgia.

Paul contends that Austrian economics explains the most recent financial meltdown: "It says if you inflate too much, if you have no restraint on monetary authorities, you're going to bring on a crisis." Now, Paul says, administration policies are leading the country toward disaster.

Selgin and many mainstream economists agree that pumping too much money into the economy can lead to trouble, but they say Paul goes too far.

In the 1930s, say Selgin and many other economists, including Fed Chairman Ben Bernanke, the U.S. economy began pulling out of the Depression thanks to federal easing of monetary policy.

The economy tipped back into depression after the reins were tightened too soon.

"In this aspect of the monetary system, he's just blown it," Selgin said of Paul.

However, like Mises, whose portrait hangs on his Washington office wall, Paul is intransigent, and that has earned him an ardent following.

"His views are strong and hardheaded, but you've got to stand firm or you'll get blown over in this world," said Mark Skousen, editor of the newsletter Forecasts & Strategies and a former economics professor at Columbia University.

-- Don Lee

Photo: Larry Downing / Reuters; Orlin Wagner / Associated Press; Associated Press (Paul argues with Mike Huckabee in a GOP primary debate).

Rep. Marsha Blackburn (R-TN), a longtime advocate of Internet freedom, said she’s undaunted by the Federal Communications Commission’s decision to adopt net neutrality rules. Instead, she thinks the FCC’s action will be a catalyst for renewed commitment on the issue in the 112th Congress.

“What we will do is first use this as a way to show how we’re going to keep that Pledge to America,” she said yesterday at The Heritage Foundation. “We said in the Pledge that any rule or regulation that had more than $100 million impact on our nation’s economy would be subject to review. … This is an area where we can keep that Pledge. We can go ahead and start congressional review and move forward on getting this off the books.”

Blackburn was speaking at The Bloggers Briefing as the FCC debated the net neutrality rules. When the 112th Congress convenes on Jan. 5, Blackburn said she will reintroduce her bill to block the FCC from implementing the regulations and force the issue back to Congress.

“We’ve had bipartisan agreement on this, that the FCC should not take this action, that we, as members of Congress, should be the ones that are there to take that action or any action that should be done,” she said.

Of course, in this case, that “action” might be no action at all. After all, discontent with Internet service providers has not exactly been widespread. On the contrary, Blackburn said: Most people have been pleased with the access they’ve received from providers like AT&T, Verizon and Comcast.

“Our action is to make sure that the Internet remains unencumbered and does not have the FCC with a chokehold on it,” she said. “We are moving from an industrial, manufacturing, technology-based economy to a creative economy … and the creative economy depends on an unencumbered Internet.”

FCC intrusion would mean just the opposite — an Internet of interference and obstacles.

“What the FCC would do today is to implement the Fairness Doctrine for the Internet and force people to come to them,” Blackburn said. “They would have the determination of what could be innovated. They would have the determination of what should be the priority and value assigned to all the content that is traveling. So, we’re watching it very closely. We’re going to continue to do so as they go through the rule-making process and, then, come Jan. 5, you’re going to see us vigorously opposing this.”

That vigorous opposition will include a lack of funding if necessary, Blackburn said.

“That goes without saying,” she said. “We’re going to have numerous amendments to defund plenty of things in the House to keep money from going where they would like for money to be going, whether it is health care, whether it is the FCC, whether it is the EPA implementing cap-and-trade under the Clean Air Act. You’re going to see a series of amendments that would defund those activities that we view as being harmful to free enterprise and the American people.”

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haleygk74

Wednesday, December 22, 2010

Making Internet Money

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