October 12, 2011
Dear Dirty Hippies for Paul:
October 12, 2011
Occupy Wall Street
Dear Dirty Hippies and Ron Paul supporters:
Not all of you, just the supporters of Rep. Ron Paul who have joined forcers with the #occupywallstreet movement. I see "End the Fed" signs during news coverage and I have read about your presence in Reason and CATO.
I fear you have made a mistake in your choice of solidarity. You have found those who share your temperament and emotions, rather than those who share your ideas, philosophy and values. Why does Doctor Paul want to end the Fed? Because he considers it an assault on property rights. He makes an eloquent and substantive case that to devalue the currency is to steal the loss in value to currency holders. I don't agree with every facet, but it is a serious argument and well worthy of discussion.
Hans Hermann-Hoppe says of Ludwig von Mises: "Mises condensed the definition of liberalism into a single term: private property" and I surmise that Paul considers this both a foundation of our liberty and cornerstone of his philosophy.
Your newfound friends at the protests share your distrust of government, bailouts, too-big-too-fail banks, and Corporatism in general. But they do not share your belief in property rights. Quite the contrary, their demands seem to center on loan forgiveness. Ordinary Americans borrowed money in a legal market with all protections of contract law for housing or education, and have now decided that the lenders have zero right to the contracted repayment.
This turns Ron Paul's beliefs on their head. He worries about 2 or 3% annual theft of the value to a saver's cash holdings -- your fellow travelers advocate a 100% immediate theft of the property of legitimate debt and bond holders. They are not your friends.
Leave them. Go home. Take a shower.