We're Going The Wrong Way

The US economy is in trouble...more trouble than most people are aware. The problem is that our government, in trying to fix the problem, is actually taking steps to make things worse.

Treasury Set to Announce Regulatory Overhaul

Fed Eyes Nordic-Style Nationalisation of US Banks

Paulson Plan Endorses Fed's Enhanced Market Authority

Brace for $1 Trillion Writedown of 'Yertle the Turtle' Debt

Not long after our nation's founding, the country was plunged into a debate over whether the federal government had the authority to create its own bank. The truth is that the federal government has no authority to mess with the banking industry, including the creation of a national bank - yet the bank was created. Nowhere in the Constitution is the federal government given the right to nationalize any private industry, but now there are rumblings of a nationalized banking industry. How can this be good news for the US economy?

For a long time now, the US government has garnered a well-deserved reputation as being an inefficient, slow-moving behemoth that just cannot seem to do anything right. Remember Hurricane Katrina? Is that the kind of leadership you want running our banks?

Yet that's just the kind of banking system our leaders are talking about.

The Constitution does not give our government the authority to nationalize our banks. The government has done nothing to help thus far. They've made some cosmetic changes, to be sure, but nothing that will fix the long-term disaster that looms over our economy.

Personally, I think it's time for the people of America to look to our founding documents. Read the Constitution, and realize that the government is exceeding its authority.

How about this line from the Declaration of Independence:

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Nationalizing the US banking industry is yet another cosmetic change that, in the end, will only make things worse...and the more our federal government exceeds its authority, the more I tend to think of the original founding document of the United States: the Declaration of Independence. I think of how, as our federal government becomes larger and larger, taking more and more power away from the people, they "[become] destructive of these ends." It's time for the people of America to wake up. It's time to invoke the "alter or abolish" clause of the Declaration of Independence. It's time to put the politicians back in their place and start running a government that realizes that its authority and power comes from the people, and the people can take that power away.

Maybe it's time for another American Revolution.