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How the Democrats Would Take Over the Banking System

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As a conservative, I have watched with increasing concern as the left wing of the Democratic Party has pushed for greater control over the US banking system. This push has been fueled by a misguided belief that the banking system is inherently corrupt and that only government intervention can save it.

However, as renowned conservative economist Milton Friedman once said, “The government solution to a problem is usually as bad as the problem.” In other words, the left wing’s proposed solution of greater government control over the banking system would likely only exacerbate the problem.

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If the left wing of the Democratic Party continues down this path, they risk bankrupting the very system they seek to control.

One of the key ways in which the left wing of the Democratic Party seeks to take over the banking system is through increased regulation. However, as Nobel Prize-winning economist Friedrich Hayek once observed, “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

In other words, the left wing’s attempts to design a better banking system through regulation are likely to fail. As Hayek noted, the economy is too complex for any group of individuals, no matter how well-intentioned, to fully understand or control.

Indeed, history has shown that increased regulation often leads to unintended consequences. For example, the 2008 financial crisis was in part caused by regulations that encouraged banks to take on risky loans in the name of increasing home ownership.

As conservative economist Thomas Sowell has noted, “It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.”

The same principle applies to the banking system. If the left wing of the Democratic Party seeks to take over the banking system through increased regulation, they will have to pay for an enormous government bureaucracy to administer those regulations. This will ultimately prove to be more expensive than any benefits that might be gained.

Furthermore, increased regulation will stifle innovation and competition in the banking industry. As renowned conservative economist Adam Smith once observed, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

In other words, if the banking industry is tightly regulated, it will be much more difficult for new entrants to compete with established players. This will lead to less innovation and higher prices for consumers.

Another way in which the left wing of the Democratic Party seeks to take over the banking system is through the creation of a government-run “public option” for banking. However, as conservative economist Milton Friedman once noted, “A major source of objection to a free economy is precisely that it gives people what they want instead of what a particular group thinks they ought to want.”

In other words, the creation of a government-run “public option” for banking would be a classic case of the government picking winners and losers. It would also create an unfair advantage for the government-run option over private sector competitors.

Furthermore, a government-run “public option” for banking would likely be inefficient and expensive. As conservative economist Friedrich Hayek once observed, “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

In other words, the government’s attempts to design a better banking system are likely to fail. The government simply does not have the knowledge or expertise necessary to run a successful banking operation.

Ultimately, the left wing of the Democratic Party’s attempts to take over the banking system are misguided and dangerous. As conservative economist Thomas Sowell has noted, “The first lesson of economics is scarcity: there is never enough of anything to satisfy all those who want it.”

In the case of the banking system, the left wing’s attempts to take over the system through increased regulation and the creation of a government-run “public option” would only exacerbate scarcity by stifling competition, innovation, and economic growth.

As renowned conservative economist Friedrich Hayek once observed, “The market is not a place, a thing, or a collective entity. The market is a process, actuated by the interplay of the actions of the various individuals cooperating under the division of labor.”

In other words, the market is made up of individual actors who, through their own self-interest, work together to create a more efficient and innovative system. By allowing the free market to operate in the banking industry, we can create a system that is both more efficient and more responsive to the needs of consumers.

Furthermore, by allowing the free market to operate in the banking industry, we can ensure that the system remains solvent and financially stable. As conservative economist Thomas Sowell has noted, “The most basic question is not what is best, but who shall decide what is best.”

In other words, by allowing the free market to operate, we can ensure that market forces, rather than government bureaucrats, are the ones making decisions about which banks succeed or fail. This will ultimately lead to a more stable and sustainable banking system.

The left wing of the Democratic Party’s attempts to take over the banking system through increased regulation and the creation of a government-run “public option” are misguided and dangerous. Instead, we should trust in the power of the free market to drive innovation and competition in the banking industry. By doing so, we can ensure that the banking system remains solvent and financially stable, and that consumers are able to benefit from a more efficient and responsive system. As conservative economist Milton Friedman once said, “Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.” Let us hope that the ideas of the free market continue to lie around, so that we can avoid a crisis in the banking system and ensure a prosperous future for all Americans.

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Top Motivational Speaker Predicts Hard Times in 2024

Motivational Speakers Hall of Fame Member Sees Tough Times Ahead

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One of the top 50 speakers in the world and Motivational Speakers Hall of Fame Member, Chris Widener, tells us why he thinks 2024 is going to be a very hard year for Americans. Watch the short video below and let us know what you think in the comments!

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Bidenophobia…Fear of Biden Folding to the Extreme Left

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The pressure is building on President Joe Biden. He has rightly taken a stand in support of Israel in defending their country and doing what they can to eliminate Hamas from Gaza. Yes, he is straddling the fence a bit, calling on Israel to do whatever it can to limit innocent civilian casualties. But he has positioned our military resources to back up his support for Israel and protection for our forces in the Middle East.

President Biden has warned nations not to open a second front against Israel. He was adamant, “Don’t, don’t, don’t!” To this point, his words may have resulted in restraint, but forces from Lebanon have initiated some missile attack, and our bases in Iraq and Syria have put our own soldiers in harm’s way.

Recent polls indicate that up to 82% of Americans support Israel after seeing the gruesome images of those savaged from the Hamas attacks on October 6th. But those polls are sure to come down as more demonstrations support “Palestinian freedom” and Israel’s ground invasion results in reported civilian casualties.

Already, Iran and NATO ally Turkey have expressed a willingness to consider joining the fight against Israel if the war on Palestine continues. Iran’s foreign minister, Hossein Amir-Abdollahian, has threatened the United States while speaking at the United Nations. “I say frankly to the American statesmen who are now managing the genocide in Palestine. I warn, if the genocide in Gaza continues, they will not be spared from this fire.” Turkey’s President Tayyip Erdogan, an Islamist, spoke at a massive pro-Palestinian rally calling Hamas “freedom fighters” and calling Israel an “occupier.”

To appease their own citizens, many Middle Eastern countries, who have demonized Israel for decades, will need to criticize Israel and show some visible support for the Palestinian cause. Hamas knows that and, using innocent civilians as shields, will give them all the images they need of lost civilian lives to stir even more demonstrations and attacks on US embassies in the area.

Visions of a World War III with nuclear implications are being fueled in the media. Jews are coming under attack around the world in ways not seen since World War II. Stores and synagogues are being vandalized here in America. With growing demonstrations with Israel, will Biden’s support for Israel hold steady?

Because of past decisions Biden has made, the price for his support of Israel will only grow. Having curtailed our own oil drilling and processing and used much of our petroleum reserves to help bring down the cost of gas in America, we must import oil to help meet domestic needs.

In response to the war on Hamas, there will be pressure to cut off Middle Eastern oil to America. The immediate result of such a cutoff would be further increases in the cost of fuel for Americans. That would fuel more inflation and an even bigger economic disaster for America’s middle class. With up to seventy percent of Americans already living paycheck to paycheck, higher fuel costs will just make things worse. Salaries are not keeping up with the ever-growing cost of living for fuel and food. Workers are striking for higher wages, which will only create more inflation.

Middle Eastern oil embargos would seriously impact our economy. If you are old enough, you remember the long lines at gas stations in the 80’s. Fifty years after the 1973 Arab oil embargo crippled the American economy, an expanded war in the Middle East has the potential of again disrupting global oil supplies. In response to the conflict, oil prices are already approaching 90 dollars per barrel.

Yes, Trump has proved that we have the oil to maintain energy independence. Oil drilling and production could be reopened. We have the oil to meet our needs, but it would take time for production to meet our demand.

An expanded war in the Middle East could certainly impact more than our economy and the cost of living. President Biden’s open border policy has resulted in any number of terrorists crossing our border and moving freely throughout the United States. With our border resources stretched, far too many have entered our country without proper vetting or controls.

It didn’t take many motivated terrorists to attack the US on 9/11. If terrorists are unleashed on multiple American cities, the cost could be enormous. If so, there will be only one person to blame—President Joe Biden. In an attempt to bring in hordes of appreciative future voters and cheap labor for big business, the Democrats have opened America to any number of devastating terrorist attacks.

May President Biden prove your doubters wrong. Close the border now! Stop normalizing relations with Iran. Freeze the 6 billion dollars being held in Qatar for Iran’s “humanitarian use.” Reinstitute sanctions until Iran stops support for Hamas and Hezbollah and affirms the right of Israel to exist.

Finally, continue to have Israel’s back. If their enemies open other fronts and attack our soldiers in the area, use our forces offshore to neutralize those foolish enough to attack our allies and our forces. Such a strong stand will cost you with the extreme left in your own party but stay the course. The world needs a strong America, and it’s your job to prove that continues to be true.

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