We are now experiencing what can be easily be regarded as an unprecedented economic crisis. We have no historical data to draw upon that would have saved us from this catastrophe.
As with all such situations, we often find that there is no precedent for a solution. It is during these times that we must be more than careful with our chosen responses.
Our founding forefathers, the framers of our 220 year-old republic, took great care to create a limited central government. Their framework has served us very well. We are one of the most prosperous nations on Earth, and our citizens enjoy a tremendous amount of personal freedoms.
Let us acknowledge as fact that excessive power on the part of a government over it’s people eventually leads to tyranny and the loss of civil liberties. History has shown us that this is a situation we want to avoid for ourselves and our posterity, even at the cost of our own blood.
I do not have my Jurus Doctor. I do not have a degree in political science, and I am a Financial Analyst in a small town. However, I’ve read our constitution many times. I just now read through the Constitution of the United States of America once again, preamble to the twenty-seventh amendment. I do not see anything that would give federal government the right to intervene in our private economy like it is now doing.
Neither the legislative branch nor the executive branch have the constitutional authority to purchase private mortgages. The government of the United States of America does not have the authority to purchase owning stock (whether it be voting or not) of private corporations.
For those of you who haven’t read up on the Treasury’s recent move to purchase preferential stock in various financial institutions, allow me to abbreviate the story for you. It reads like a crime novel, but with the backing of the legislature, no guns or black masks were necessary for the forced purchase of billions of dollars in preferential stock.
Ultimately, this hammer and sickle nonsense can potentially glide right past the consciousness of a people. One of many symptoms of welfare statism, those served by the handouts implicitly lose their authority to hold their economic master accountable.
Over the decades, and especially since the post-World War II federal expansion we call the “New Deal,” our government has twisted the constitution’s commerce clause to give itself economic authority that was never intended by our forefathers. I fear that this intervention sets the stage for nationalization agenda over the coming years.
No matter how painful, an economic recession or even a depression is a much lesser evil than a bloated, power-hungry government.
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
- Tenth Amendment to the Constitution
