Sunday, February 20, 2011

"The state was to serve the people"

Interesting interview of an informed ex-banker. He discusses democracy, deflation, hyperinflation, the Middle East, war, and spiritual awakening.

Jay Taylor: I think the West is on a steep and slippery downward slope. If when we talk about the West, we talk about free markets and freedom and liberty and the importance of the individual. The individual is here now to serve the state and not the other way around. When the U.S. Constitution was formed, the idea was that the state was to serve the people. So every time there is another bailout that bails out the large banks that are bedfellows with the government, every time that happens a bit more of our freedom escapes us.

The West is heading away from a democratic environment, where individuals matter, and is moving more and more toward statism, where the individuals are here to serve the state. I would also like to mention that democracy was never mentioned in the U.S. Constitution; it was to be a republic, a limited government republic, so that the markets would rule, not politicians. But that has been turned on its end.

... you have to predict when the velocity of money is going to change; when will people finally decide and have enough confidence to stop sitting on their savings or start spending it in the United States?

More about Jay Taylor.