The Pillars Of The State

The Pillars Of The State

I’m not particularly disposed to libertarianism, particularly the anarcho-capitalist strain represented by Murray Rothbard, Lew Rockwell, et al.

And yet, watching this financial crisis unfold and the government response, I recalled this quote from Lew Rockwell in a piece I wrote about Ron Paul last year:

“Ron Paul has shown that the core of the state is the Pentagon and the Federal Reserve.”

Facebook
Twitter
Email
Flipboard
Pocket

I’m not particularly disposed to libertarianism, particularly the anarcho-capitalist strain represented by Murray Rothbard, Lew Rockwell, et al.

And yet, watching this financial crisis unfold and the government response, I recalled this quote from Lew Rockwell in a piece I wrote about Ron Paul last year:

“Ron Paul has shown that the core of the state is the Pentagon and the Federal Reserve.”

Considering the fact we’ve spent $800 billion on the War in Iraq, and will likely spend somewhere near a trillion(!) on whatever RTC-like entity Congress comes up with, this quote seems to have a certain prophetic heft.

It’s almost enough to make you think that the anarcho-capitalist (as well as anarcho-Marxist) critique of the state has some merit: times like this is really does look like the State exists to make war and protect capital.

But! I’m not ready to throw in the towel on my dreams of social democracy just yet:

Nouriel Roubini offers another model to deal with the bad assets, one that looks more appealing;

Barney Frank says any firm that gets bailed out should be forced to accept cahnges to their executive compensation, and;

Yglesias says we progressives should extract our pound(s) of flesh.

Dear reader,

I hope you enjoyed the article you just read. It’s just one of the many deeply reported and boundary-pushing stories we publish every day at The Nation. In a time of continued erosion of our fundamental rights and urgent global struggles for peace, independent journalism is now more vital than ever.

As a Nation reader, you are likely an engaged progressive who is passionate about bold ideas. I know I can count on you to help sustain our mission-driven journalism.

This month, we’re kicking off an ambitious Summer Fundraising Campaign with the goal of raising $15,000. With your support, we can continue to produce the hard-hitting journalism you rely on to cut through the noise of conservative, corporate media. Please, donate today.

A better world is out there—and we need your support to reach it.

Onwards,

Katrina vanden Heuvel
Editorial Director and Publisher, The Nation

Ad Policy
x