We are witnessing, first hand, a power grab. Not behind closed doors. Right in our face.
Obama’s tactics fast-forward the warnings of economists Hayek and von Mises, those of the founders James Wilson and Gouverneur Morris, and the 18th century Scots Francis Hutcheson and Thomas Reid. Wilson, Morris, Hutcheson and Reid illuminated the notion of a "natural law" as a source of natural rights - the right to property, life and liberty, in the days it wasn’t taken for granted. We moderns understand this as the "rule of law;" that is, the basic rights which those elected, those who are the servants of the electorate, must secure for us (or they’re fired). These laws are clear, publicized, stable and fair. They are both beacon and anchor.
Wilson, Morris, Madison and others went further at the 1787 Convention. Thus, finally written into the Constitution was the notion of the separation of powers - the checks and balances we moderns take for granted. This tool insures that corrupt individuals, especially governing officials, can not oppress the people, can not violate the rule of law through legislation. The idea was to ensure that the new government actually followed the consent of the governed.
They explained that failing the checks on government, officials would naturally ignite a wave of control over things both economic and social, ignoring the rule of law. Hayek warned further that such erosion would lead eventually to some form of totalitarian regime, the soft variety (US) or the hard variety (Stalin, Mao, Hitler). History of course vindicates this view.
This my friends is where we are today.
In a recent interview BO dismissed Constitutional procedure. Come again? In an even earlier interview he labeled the sometime messy workings of democracy "unfortunate." This is no surprise to most of us as Obama has nothing in common with the Founders, or, with most Americans so why would he care about that dated document.
And in fact the tactics being used by the Democrats to force legislation violate at least the spirit of the Constitution. From the Heritage Foundation, "At a bare minimum, article I, sec. 7, cl. 2 of the U.S. Constitution requires that before it becomes law "(1) a bill containing its exact text was approved by a majority of the Members of the House of Representatives; (2) the Senate approved precisely the same text; and (3) that text was signed into law by the President." Clinton v. City of New York, 524 U.S. 417, 448 (1998)." That’s all we need. Options that the Dems are trying this weekend violate the Constitution’s requirements of bicamerialism and presentment.
Re-read our comments, esp Planners - A Threat To Liberty. Better yet, read Wilson. With that you will have a handle. And it means that if you are a Democrat you have a considerable amount of soul searching ahead of you (primarily because you have lived a phony existence). But even if you don’t bother, the Judiciary will do it for you.
Robert Craven
About Me
- Robert Craven
- Craven is president of The Craven Report. He is a well known strategist in the FI market, plus an expert on central banking, having testified before Congress on Fed reform, and with Milton Friedman's endorsement. He regularly highlights major economic turning points before street consensus. He has appeared on business news cable, in the FT's and American Bkr, other media. Out of retirement as of Feb/11, he intends now to consult to major world institutions.
“It is rare to find an economic/market outlook report as insightful, precise and salient as the Craven Report. The manner in which you approach the markets and economic releases is both refreshing and surprising. I say surprising because it is absolutely the correct approach yet so few utilize it. On behalf of the entire Strategy Committee at Harris Bretail Sullivan and Smith, thank you.” William D. Osher CFA, Director of Fixed Income, Chief Economist, Harris Bretail Sullivan and Smith.
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