THIS IS THE FOURTH AND LAST IN THIS SERIES OF ARTICLES
When President Obama began his campaign for the Presidency, he launched his campaign in the land of Lincoln in Illinois.
Here’s a quote from Abraham Lincoln, Feburary 12, 1865. About 150 years ago.
“The people are the rightful masters of both congresses and courts, not to overthrow the Constitution, but to overthrow the men who pervert the Constitution.”
This past week I’ve been working on compiling content to submit to a publisher for a book. Finally took to post office yesterday. I plan on the title: “WITNESS: CURTAIN FALL ON FREEDOM”
Having completed that project, today sorting through files and ran across material from a 1965 study course. One of my teachers, Dr. George Boardman, had developed a study course titled: Theory and Practice; Philosophy of Freedom. I became his first student. That was over 40 years ago. Being reminded of that course, I thought about socialism, we discussed back there in the early sixties.
At that time we were already far down the road of socialism, but few admitted it nor even recognized the fact. However here we are into the twenty-first century and socialism is so embraced by so many, with or without the label of socialism, this country is now in the middle of that system of government.
I just read an article about BB&T bank making a considerable contribution to WCU College of Business. Included in the contribution was a stipulation that Ayn Rand‘s philosophy of objectivism be taught to explore the “moral and ethical foundation of capitalism.”
The article also stated, “Plus another $500,000 in matching funds it hopes to obtain from the State Legislature.”
Capitalism is an economic system in which means of production and distribution are mostly privately owned and operated for private profit.
In its purest form, it’s a system where individuals invest their privately owned assets into a venture of producing and distributing a particular thing for profit. It’s a risk-taking proposition. There are no guarantees a profit will be realized; there is always the possibility of a loss of the privately invested capital. Conversely, if the venture is a success and enjoys a profit, the individual investors reap the resulting power of their risk-taking venture.
I was sitting in an economics class in the sixties when the professor asked me what I knew about economics. My response was, “I only know one thing. When your outgo is more than your income, your upkeep will become your downfall.” He suggested that might be a matter of cash flow. He was a professor of the Austrian School of Economics and very smart. I was very ignorant about the subject of economics. And to this day, still do not know very much about the subject, but I studied and read a lot and learned a few things. Elementary stuff, dear Watson.
Throughout history, the accepted medium of exchange has been gold and silver. They have intrinsic value. Along came President Roosevelt in the thirties and gold and silver was removed from the backing of the U.S. dollar. He changed the monetary policy.
Copyright 2008-2012, Anne Cleveland. Feel free to quote me or use snippets of my text with attribution – but please refrain from reusing entire posts without first procuring written permission.
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