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Invest Everything, Save Nothing

by Knight Allen, NSC Director of Legislation
Published on  September 8, 2011 - reprinted with permission

  What do you do when your government despises you?

I know a lot of folks have been sold on the idea that capitalism is a code word for unlimited greed. Perhaps it is but before we can indict free market capitalism we’d have to experience it and we most assuredly have not. What we’re stuck with is crony capitalism. It’s a political/economic system that’s been around forever. Adam Smith railed against it in “ Wealth of Nations” in 1776(he called it rent seeking)

Today it’s been refined and elevated to levels never seen in human history. It is a sick and twisted conglomeration of great private wealth and control of society in the hands of an arrogant and elite minority.

Just as an example, I have no idea what interest rates would be in a free market but I’d be willing to bet a bundle they wouldn’t be as low as the graph shows. Near zero interest rates are not the product of a free market. The are the product of Pennsylvania Avenue (both ends) and Wall Street manipulation designed to stick it to savers and serve speculators, spenders and debtors.

  Have you looked at the 1 year CD rates published in Sunday’s paper? They run from a “glorious” high of 1.05% at the Bank of Las Vegas (the only one at 1%) step laddering down to 0.74; 0.30; 0.15; 0.10 ending with 0.05 at Nevada State Bank. How is a saver supposed to generate any income from those kind of rates? Obviously you can’t and that’s just the way the Wall St./ Washington D.C. axis of power wants it.

  Remember, these interest rates are not the result of a capitalistic free market economy. They represent a conscious decision on the part of the ruling elite to transfer wealth and economic independence away from the savers.

  If you are a saver you know how this policy has affected you. But what about the country? The American Institute for Economic Research estimates current interest rate policies have cost savers hundreds of billions of dollars in interest income. That loss has cost the economy as much as $587 billion in consumption and as many as 4.6 million jobs. And it’s not going to stop. In a Las Vegas Review-Journal article on 8/10/11 “Super low interest rates offered for two more years” it was reported “The central bank left open the possibility of a third round of bond purchases designed to hold interest rates down and push stock prices up. (emphasis added).

  I think we all understand that there are positives that flow from low interest rates and rising stock prices, The problem is there is no balance or moderation in the current governing mind-set. It’s all about taking from the millions whose labor, productivity, entrepreneurship and savings created the wealth and transferring it to a small bunch of Wall St./Pennsylvania Ave. paper pushing, ivory tower nothings. They’ve produced nothing, earned nothing, deserve nothing but are ending up with everything.

  So, where are we here in Nevada? We have a slew of people running for the House and Senate. So far , I have not heard even one of them speak on this subject. If you are a saver, right now you don’t have a single candidate who will give you and the massive injustice you are suffering so much as a by-your-leave. But, Hey! They all love you, are filled with compassion for you and promise to work very hard to take care of you – after they’ve bankrupted you.