Fred Barnes has a brilliant dissection of what Obama’s language regarding economics says about his frightening beliefs about (or ignorance of) how economies work. Barnes is right on target, and timely, and his piece is important. Barnes does not say it, by the way, but the command-and contol “industrial policy” Barnes describes, when combined with the actual details of Obama’s national service plan, and when combined with new proposals to give the executive branch authority to take over businesses in industries other than banking, has more than a passing resemblance to the economics of Mussolini. OR see this, from Wikipedia on “the econmoics of fascism, the section called “the political economy of fascist Italy,” the paragraphs starting thusly:
In 1929, Italy was hit hard by the Great Depression. The Italian economy, having just emerged from a period of monetary stabilization, was not ready for this shock. Prices fell and production slowed. Unemployment rose from 300,787 in 1929 to 1,018,953 in 1933. Trying to handle the crisis, the Fascist government nationalized the holdings of large banks which had accrued significant industrial securities. The government also issued new securities to provide a source of credit for the banks and began enlisting the help of various cartels (consorzi) that had been created by Italian business leaders since 1922. The government offered recognition and support to these organizations in exchange for promises that they would manipulate prices in accordance with government priorities ….
This topic cries out for a full-length column and lots and lots of talk on the right…..
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