Archive for April 23rd, 2010

Barack Obama’s Big Con and Extortion Racket–High Crimes: Financial System Reform Actually Stealing Trillions From American People By Taxing Them Through Their Banks!

Posted on April 23, 2010. Filed under: Blogroll, Books, Comedy, Communications, Crime, Culture, Economics, Education, Entertainment, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Music, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Reviews, Security, Strategy, Talk Radio, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , |

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

~Nikolai Lenin (1870 – 1924)

Peter Schiff on Fox Business Network 4/23/10: Financial Reform

 

Financial Reform Fight

 Financial Reform Must Not Lead to More Taxpayer-Funded Bailouts

financial reform – Ron Paul 4/19/10 

Congressional Panel Probes Financial Crisis

FT’s Stovin-Bradford on Proposed Bank Tax for Bailouts: Video

How Obama’s Financial Regulation Plan Will Hurt Main Street

Obama to Wall Street: Don’t Fight Financial Reform

Obama v. Wall Street?

 

The Obamnation came to Cooper Union ( to ‘Save’ the Nation)….

President Obama Tells Wall Street to Back Reform

 

Obama Looks to Work With Wall Street


 

The progressive radical socialists of both the Democratic and Republican parties favored the bailout of banks and other financial institutions first under President George W. Bush and then under President Barack Obama.

The vast majority of the American people opposed the bailouts but the political class of both parties said we know what is best and ignored the will of the American people.

While there were many individuals, governments, and institutions responsible for the financial crisis of 2008 that continues even today, the two main enablers and primary cause for this financial meltdown and mess is the Federal Reserve System and Fannie Mae and Freddie Mac.

Dr Yaron Brook of the Ayn Rand Center for Individual Rights on Glenn Beck show June 18 2009

Who is Responsible? (Meltdown): Fannie Mae – Freddie Mac – Wall Street – Bill Clinton – George Bush?

 

Senator Bunning: Crisis Caused by the Federal Reserve [2]

Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie

Economic Crisis: Causes & Cures (4 of 7)

What is interesting is that these financial  institutions are or were perceived as  quasi government institutions.

The Federal Reserve by dramatically reducing interest rates to near zero fueled the real estate bubble or rapidly rising housing prices, until the bubble burst.

The Federal Reserve or Fed provided the money or credit that enabled the banks to loan money for real estate mortgage loans for housing as well as commercial real estate.

President Obama never mentions that it was government intervention by the Federal Reserve that recklessly expanded the money supply and credit resulting in very low interest rate loans or mortgages loans  for real estate to people who would not normally qualify for the loan.

Fannie Mae and Freddie Mac purchased these  mortgages from the banks for the packaging that enabled banks to make  poor credit risk mortgage loans and then turn around and sell them to either Fannie Mae and Freddie Mac.

President Obama is a con artist that loves to tell the big lie of no new taxes to the American people as he taxes them by  first taxing their local bank or financial institution who then collects or pays for the tax by charging  their customers higher fees.

Obama Pledges to Not Raise Middle Class Taxes

These taxes on local community banks and financial institutions will be used to bailout larger failed banks who need a bailout.

While the tax is indirect and hidden, the result is the same, the American people are paying more  for banking services.

This is a hidden  tax for any one that uses a local bank.

These taxes will fund future bailouts of large banks and other financial institutions who are just “too big to fail.”

It is not the function of the Federal government to bailout failed businesses  by taxing the American people through  their local banks.

Bailouts, subsidies, wage and price controls, and government regulation are subverting the American free enterprise market capitalism system.

The current financial crisis is primarily due to massive government intervention in the housing and mortgage loan markets by both Democrats and Republicans.

The solution is not more regulation, bailouts, subsidies and taxes.

The solution is smaller and limited government.

Government is too big to fail and yet it repeatedly fails.

The time is now for the political class to pay  a high price for their mismanagement or more precisely government intervention into competitive markets.

Vote them out of office.

Failed institutions should be either sold in FDIC receivership or go  through bankruptcy court for final resolution of the business.

The Federal Government should get out of the banking and loan business.

The financial regulation reform bill should be defeated for it institutionalize theft by the Federal Government and more and bigger bailouts in the future.

The initial $50 billion fund for bailouts will grow into trillions of dollars.

President Obama is conning and selling out the American people as he pays-off his campaign contributors namely the executives of big banks and financial institutions that contributed to his Presidential campaign in 2008.

This is the progressive radical socialist Democratic Party using the Federal Government to stick up the American people at their local bank.

Time to blow the whistle on the crime of the century.

Let the too big to fail commercial, investment and mortgage banks–fail!

This is market regulation–you make high risk  investments and lose–the American people will not bail you out.

One or two “too big to fail”–failures, and these financial institutions will suddenly get free market religion.

No more subsidies and bailouts.

Ban bailouts, end the Fed, liquidate  Fannie Mae and Freddie Mac, stop subsidies,  and replace federal Government regulation with market regulation. 

Vote for a big bailout bill–a tax increase– and we the people will vote you out of office in the next three elections.

You can take it to the bank.

“As Willie Sutton the bank robber said when asked why he robbed banks, ‘because that’s where the money is’.”

~Attributed To Willie Sutton, Bank Robber

“”Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

~Bill Sutton, Bank Robber

http://www.banking.com/aba/profile_0397.htm

 

Background Articles and Videos

Fannie Mae and Freddie Mac not included in financial reform legislation
Rick Moran

“…Congress is considering legislation that would reform the entire financial system of the United States – except the now government controlled mortgage companies Fannie Mae, Ginnie Mae, and Freddie Mac.

The purpose of this legislation is to prevent another financial meltdown. If so, why no new oversight for Fannie and Freddie? This Investors Business Daily editorial explains:

The panic of 2008 drove all private-sector investors from the secondary mortgage market. At present, only Fannie, Freddie and Ginnie Mae issue mortgage-backed securities. Thus far in 2010, Fannie has issued $91.5 billion in MBS, Freddie $65.7 billion and Ginnie $23.9 billion.
“The administration and the majority party never saw or admitted that the GSEs played any role in the cause of the financial crisis,” said Rep. Scott Garrett, R-N.J. “If you don’t see it as a cause, you don’t see a need to fix it.”

Key Democrats insist that the GSEs are not being overlooked.

“This is a favorite talking point of the right wing, that you can’t have reform without Fannie and Freddie,” said a spokesman for Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. “But they have not yet made a policy case why GSE reform needs to be part of regulatory reform.”

Frank has said he wants to abolish Fannie and Freddie in their current form. His committee is holding hearings on government’s future role in the housing market.

At a March hearing, Treasury Secretary Tim Geithner suggested that GSEs needed reform, but that there was a strong case for “some form of guarantee by the government to help facilitate a stable housing finance market.” No concrete plan was forthcoming, he said. …”

http://www.americanthinker.com/blog/2010/04/fannie_mae_and_freddie_mac_not.html

The bank robber, THE QUOTE, and the final irony

“…In his second book, Sutton tells, with pride, of how the medical profession adopted “Sutton’s Law”–the idea of looking for the obvious, before going further afield, when diagnosing. The “law” was coined by a medical professor who recalled that Sutton, when asked by a reporter why he robbed banks, had answered with his famous line.

Except it never happened that way. As he describes in the book, Sutton:

“The irony of using a bank robber’s maxim as an instrument for teaching medicine is compounded, I will now confess, by the fact that I never said it. The credit belongs to some enterprising reporter who apparently felt a need to fill out his copy…

“If anybody had asked me, I’d have probably said it. That’s what almost anybody would say. …it couldn’t be more obvious.

“Or could it?

“Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

Yet, by appropriating the quote sufficiently for a title for his second book, Sutton started a chain reaction that continues to this day. This is not the first time the truth was pointed out. Yet the myth persists.

Ironically, for the man who could bust out of high-security prisons, escape from a fiction has proven not only impossible, but self-inflicted as well. The day Where the Money Was took its name, Willie Sutton was handcuffed to a lie for eternity. …”

http://www.banking.com/aba/profile_0397.htm

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Barack Obama Cartoon Concisely Communicates What’s Wrong With Progressive Radical Socialism–Why Do We Need Jobs For?–A Hayek and Mises Moment!

Posted on April 23, 2010. Filed under: Blogroll, Books, College, Communications, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, government, government spending, history, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , , , |

  “The problem with socialism is that you eventually run out of other people’s  money.”
 
~Margaret Thatcher

 Norman Mattoon Thomas (November 20, 1884 to December 19, 1968) was a leading American socialist, pacifist, and six-time presidential candidate for the  Socialist Party of America.
 
 The Socialist Party candidate for President of the US., Norman Thomas, said
 this in a 1944 speech:
 
 “The American people will never knowingly adopt socialism. But, under the
 name of “liberalism,” they will adopt every fragment of the socialist
 program, until one day America will be a socialist nation, without knowing
 how it happened.! “

 He went on to say: “I no longer need to run as a Presidential Candidate for
 the Socialist Party. The Democrat Party has adopted our platform.”
 
“… Socialism… is not the pioneer of a better and finer world, but the spoiler of what thousands of years of civilization have created. It does not build; it destroys. For destruction is the essence of it. It produces nothing, it only consumes what the social order based on private ownership in the means of production has created. …”

~Ludwig von Mises, Socialism, page 414

 http://mises.org/store/Search.aspx?m=13

 

The one required book that you should read to learn what socialism is all about is :

Socialism: An Economic and Sociological Analysis
by Ludwig von Mises

This masterwork is much more than a refutation of the economics of socialism (although on that front, nothing else compares). It is also a critique of the entire intellectual apparatus that accompanies the socialist idea, including the implicit religious doctrines behind Western socialist thinking, a cultural critique of socialist teaching on sex and marriage, an refutation of syndicalism and corporatism, an examination of the implications of radical human inequality, an attack on war socialism, and refutation of collectivist methodology.

In short, Mises set out to refute socialism, and instead pulled up the socialist mentality from its very roots. For that reason, Socialism led dozens of famous intellectuals, including a young F.A. Hayek, into a crisis of faith and a realist/libertarian political orientation. All the collectivist literature combined cannot equal the intellectual achievement of this one volume. Own the Book

Publication Information: This online text corresponds to the 1951 Yale University Press edition (in pdf)

Table of Contents

Preface to the Second English Edition  (p. 13)

Translator’s Note  (p. 14)

Preface to the Second German Edition  (p. 15)

Introduction

1. The Success of Socialist Ideas  (p. 25)
2. The Scientific Analysis of Socialism  (p. 27)
3. Alternative Modes of Approach to the Analysis of Socialism  (p. 31)

PART I. LIBERALISM AND SOCIALISM

CHAPTER 1—OWNERSHIP

1. The Nature of Ownership  (p. 37)
2. Violence and Contract  (p. 42)
3. The Theory of Violence and the Theory of Contract  (p. 47)
4. Collective Ownership of the Means of Production  (p. 50)
5. Theories of the Evolution of Property  (p. 52)

CHAPTER 2—SOCIALISM

1. The State and Economic Activity  (p. 56)
2. The “Fundamental Rights” of Socialist Theory  (p. 58)
3. Collectivism and Socialism  (p. 63)

CHAPTER 3—THE SOCIAL ORDER AND THE POLITICAL CONSTITUTION

1. The Policy of Violence and the Policy of Contract  (p. 69)
2. The Social Function of Democracy  (p. 71)
3. The Ideal of Equality  (p. 76)
4. Democracy and Social-Democracy  (p. 79)
5. The Political Constitution of Socialist Communities  (p. 84)

CHAPTER 4—THE SOCIAL ORDER AND THE FAMILY

1. Socialism and the Sexual Problem  (p. 87)
2. Man and Woman in the Age of Violence  (p. 89)
3. Marriage Under the Influence of the Idea of Contract  (p. 94)
4. The Problems of Married Life  (p. 97)
5. Free Love  (p. 101)
6. Prostitution  (p. 106)

PART II. THE ECONOMICS OF A SOCIALIST COMMUNITY
Section I. The Economics of an Isolated Socialist Community

CHAPTER 5—THE NATURE OF ECONOMIC ACTIVITY

1. A Contribution to the Critique of the Concept “Economic Activity”  (p. 111)
2. Rational Action  (p. 112)
3. Economic Calculation  (p. 113)
4. The Capitalist Economy  (p. 122)
5. The Narrower Concept of the “Economic”  (p. 124)

CHAPTER 6—THE ORGANIZATION OF PRODUCTION UNDER SOCIALISM

1. The Socialization of the Means of Production  (p. 128)
2. Economic Calculation in the Socialist Community  (p. 131)
3. Recent Socialist Doctrines and the Problems of Economic Calculation  (p. 135)
4. The Artificial Market as the Solution of the Problem of Economic Calculation  (p. 137)
5. Profitability and Productivity  (p. 142)
6. Gross and Net Product  (p. 145)

CHAPTER 7—THE DISTRIBUTION OF INCOME

1. The Nature of Distribution Under Liberalism and Socialism  (p. 151)
2. The Social Dividend  (p. 152)
3. The Principles of Distribution  (p. 154)
4. The Process of Distribution  (p. 157)
5. The Costs of Distribution  (p. 160)

CHAPTER 8—THE SOCIALIST COMMUNITY UNDER STATIONARY CONDITIONS

1. Stationary Conditions  (p. 163)
2. The Disutilities and Satisfaction of Labour  (p. 163)
3. The “Joy of Labour”  (p. 170)
4. The Stimulus to Labour  (p. 173)
5. The Productivity of Labour  (p. 181)

CHAPTER 9—THE POSITION OF THE INDIVIDUAL UNDER SOCIALISM

1. Selection of Personnel and Choice of Occupation  (p. 185)
2. Art and Literature, Science and Journalism  (p. 187)
3. Personal Liberty  (p. 191)

CHAPTER 10—SOCIALISM UNDER DYNAMIC CONDITIONS

1. The Nature of the Dynamic Forces  (p. 196)
2. Changes in Population  (p. 197)
3. Changes in Demand  (p. 199)
4. Changes in the Amount of Capital  (p. 200)
5. The Element of Change in the Socialist Economy  (p. 203)
6. Speculation  (p. 205)
7. Joint Stock Companies and the Socialist Economy  (p. 208)

CHAPTER 11—THE IMPRACTICABILITY OF SOCIALISM

1. The Fundamental Problems of a Socialist Economy Under Conditions of Change  (p. 211)
2. Attempted Solutions  (p. 212)
3. Capitalism the Only Solution  (p. 217)

Section II. The Foreign Relations of a Socialist Community

CHAPTER 12—NATIONAL SOCIALISM AND WORLD SOCIALISM

1. The Spatial Extent of the Socialist Community  (p. 223)
2. Marxian Treatment of This Problem  (p. 224)
3. Liberalism and the Problem of the Frontiers  (p. 225)

CHAPTER 13—THE PROBLEM OF MIGRATION UNDER SOCIALISM

1. Migration and Differences in National Conditions  (p. 227)
2. The Tendency Towards Decentralization Under Socialism  (p. 229)

CHAPTER 14—FOREIGN TRADE UNDER SOCIALISM

1. Autarky and Socialism  (p. 232)
2. Foreign Trade Under Socialism  (p. 232)
3. Foreign Investment  (p. 233)

Section III. Particular Forms of Socialism and Pseudo-Socialism

CHAPTER 15—PARTICULAR FORMS OF SOCIALISM

1. The Nature of Socialism  (p. 239)
2. State Socialism  (p. 240)
3. Military Socialism  (p. 249)
4. Christian Socialism  (p. 252)
5. The Planned Economy  (p. 256)
6. Guild Socialism  (p. 258)

CHAPTER 16—PSEUDO-SOCIALIST SYSTEMS

1. Solidarism  (p. 263)
2. Various Proposals for Expropriation  (p. 266)
3. Profit-Sharing  (p. 267)
4. Syndicalism  (p. 270)
5. Partial Socialism  (p. 275)

PART III. THE ALLEGED INEVITABILITY OF SOCIALISM
Section I. Social Evolution

CHAPTER 17—SOCIALISTIC CHILIASM

1. The Origin of Chiliasm  (p. 281)
2. Chiliasm and Social Theory  (p. 286)

CHAPTER 18—SOCIETY

1. The Nature of Society  (p. 289)
2. The Division of Labour as the Principle of Social Development  (p. 292)
3. Organism and Organization  (p. 295)
4. The Individual and Society  (p. 297)
5. The Development of the Division of Labour  (p. 299)
6. Changes in the Individual in Society  (p. 304)
7. Social Regression  (p. 306)
8. Private Property and Social Evolution

CHAPTER 19—CONFLICT AS A FACTOR IN SOCIAL EVOLUTION

1. The Cause of Social Evolution  (p. 314)
2. Darwinism  (p. 314)
3. Conflict and Competition  (p. 319)
4. National War  (p. 321)
5. Racial War  (p. 324)

CHAPTER 20—THE CLASH OF CLASS INTERESTS AND THE CLASS WAR

1. The Concept of Class and of Class Conflict  (p. 328)
2. Estates and Classes  (p. 332)
3. Class War  (p. 336)
4. The Forms of Class War  (p. 343)
5. Class War as a Factor in Social Evolution  (p. 344)
6. The Theory of the Class War and the Interpretation of History  (p. 347)
7. Summary  (p. 349)

CHAPTER 21—THE MATERIALIST CONCEPTION OF HISTORY

1. Thought and Being  (p. 352)
2. Science and Socialism  (p. 355)
3. The Psychological Presuppositions of Socialism  (p. 357)

Section II. The Concentration of Capital and the Formation of Monopolies as Preliminary Steps to Socialism

CHAPTER 22—THE PROBLEM

1. The Marxian Theory of Concentration  (p. 361)
2. The Theory of Anti-Monopolistic Policy  (p. 364)

CHAPTER 23—THE CONCENTRATION OF ESTABLISHMENTS

1. The Concentration of Establishments as the Complement of the Division of Labour  (p. 366)
2. The Optimal Size of Establishments in Primary Production and in Transport  (p. 367)
3. The Optimal Size of Establishments in Manufacturing  (p. 369)

CHAPTER 24—THE CONCENTRATION OF ENTERPRISES

1. The Horizontal Concentration of Enterprises  (p. 371)
2. The Vertical Concentration of Enterprises  (p. 371)

CHAPTER 25—THE CONCENTRATION OF FORTUNES

1. The Problem  (p. 374)
2. The Foundation of Fortunes Outside the Market Economy  (p. 374)
3. The Formation of Fortunes Within the Market Economy  (p. 376)
4. The Theory of Increasing Poverty  (p. 381)

CHAPTER 26—MONOPOLY AND ITS EFFECTS

1. The Nature of Monopoly and Its Significance for the Formation of Prices  (p. 385)
2. The Economic Effects of Isolated Monopolies  (p. 388)
3. The Limits of Monopoly Formation  (p. 390)
4. The Significance of Monopoly in Primary Production  (p. 391)

PART IV. SOCIALISM AS A MORAL IMPERATIVE

CHAPTER 27—SOCIALISM AND ETHICS

1. The Socialist Attitude to Ethics  (p. 395)
2. Eudemonistic Ethics and Socialism  (p. 396)
3. A Contribution to the Understanding of Eudemonism  (p. 401)

CHAPTER 28—SOCIALISM AS AN EMANATION OF ASCETICISM

1. The Ascetic Point of View  (p. 404)
2. Asceticism and Socialism  (p. 407)

CHAPTER 29—CHRISTIANITY AND SOCIALISM

1. Religion and Social Ethics  (p. 409)
2. The Gospels as a Source of Christian Ethics  (p. 411)
3. Primitive Christianity and Society  (p. 413)
4. The Canon Law Prohibition of Interest  (p. 417)
5. Christianity and Poverty  (p. 418)
6. Christian Socialism  (p. 423)

CHAPTER 30—ETHICAL SOCIALISM, ESPECIALLY THAT OF THE NEW CRITICISM

1. The Categorical Imperative as a Foundation for Socialism  (p. 430)
2. The Duty of Work as a Foundation for Socialism  (p. 434)
3. The Equality of Incomes as an Ethical Postulate  (p. 436)
4. The Ethical-Aesthetic Condemnation of the Profit-Motive  (p. 437)
5. The Cultural Achievements of Capitalism  (p. 439)

CHAPTER 31—ECONOMIC DEMOCRACY

1. The Slogan “Economic Democracy”  (p. 442)
2. The Consumer as the Deciding Factor in Production  (p. 445)
3. Socialism as Expression of the Will of the Majority  (p. 449)

CHAPTER 32—CAPITALIST ETHICS

1. Capitalist Ethics and the Impracticability of Socialism  (p.451)
2. The Alleged Defects of Capitalist Ethics  (p. 452)

PART V. DESTRUCTIONISM

CHAPTER 33—THE MOTIVE POWERS OF DESTRUCTIONISM

1. The Nature of Destructionism  (p. 457)
2. Demagogy  (p. 459)
3. The Destructionism of the Literati  (p. 463)

CHAPTER 34—THE METHODS OF DESTRUCTIONISM

1. The Means of Destructionism  (p. 469)
2. Labour Legislation  (p. 470)
3. Compulsory Social Insurance  (p. 475)
4. Trade Unions  (p. 478)
5. Unemployment Insurance  (p. 484)
6. Socialization  (p. 487)
7. Taxation  (p. 491)
8. Inflation  (p. 495)
9. Marxism and Destructionism  (p. 497)

CHAPTER 35—OVERCOMING DESTRUCTIONISM

1. The “Interest” as an Obstacle to Destructionism  (p. 500)
2. Violence and Authority  (p. 504)
3. The Battle of Ideas  (p. 507)

CONCLUSION—THE HISTORICAL SIGNIFICANCE OF MODERN SOCIALISM

1. Socialism in History  (p. 511)
2. The Crisis of Civilization  (p. 512)

APPENDIX

A Contribution to the Critique of Attempts to Construct a System of Economic Calculation for the Socialist Community  (p. 516)

EPILOGUE  (p. 525)
(Originally published in 1947 as Planned Chaos by the Foundation for Economic Freedom, Inc.)

http://mises.org/books/socialism/contents.aspx

“…The only certain fact about Russian affairs under the Soviet regime with regard to which all people agree is: that the standard of living of the Russian masses is much lower than that of the masses in the country which is universally considered as the paragon of capitalism, the United States of America. If we were to regard the Soviet regime as an experiment, we would have to say that the experiment has clearly demonstrated the superiority of capitalism and the inferiority of socialism.”

~Ludwig von Mises. Scoialism

 

Then to learn where socialism eventually ends up going, read Friedrich A.. Hayke’s The Road to Serfdom.

http://mises.org/store/Road-to-Serfdom-The-P252.aspx

The Road To Serfsom

The Road to Serfdom is a book written by Friedrich von Hayek (recipient of the Nobel Memorial Prize in Economic Sciences in 1974) which transformed the landscape of political thought in the 20th century, shifting the terms of debate for millions of people across the political spectrum.[1][2] The Road to Serfdom is among the most influential and popular expositions of classical liberalism and libertarianism.

The title refers to economic and political policies which the author believes to invariably lead to the socio-economic condition known as “serfdom.”

The book was originally published by Routledge Press in March 1944 in the UK and then by the University of Chicago Press in September 1944. A condensed version of the book written by Max Eastman was then published as the lead article in the April issue of Reader’s Digest, with a press run of several million copies. This condensed version was then offered as a Book of the Month selection with a press run of over 600,000 copies. In February 1945 a picture-book version was published in Look magazine, later made into a pamphlet and distributed by General Motors. The book has been translated into approximately 20 languages and is dedicated to “The socialists of all parties.” The introduction to the 50th anniversary edition is written by Milton Friedman (another recipient of the Nobel Prize in Economics 1976). In 2007, the University of Chicago Press put out a “Definitive Edition.” In total the book has sold over two million copies.[3]

…”

“…The Road to Serfdom was placed fourth on the list of the 100 best non-fiction books of the twentieth century compiled by National Review magazine. It also made #16 in reader selections of the hundred best non-fiction book of the twentieth century administered by Modern Library.[10]

The Road to Serfdom appears on Martin Seymour-Smith’s list of the 100 Most Influential Books Ever Written, whilst it made #1 on Human Events: Top Ten Books Every Republican Congressman Should Read in 2006.

The book continues to sell in the 10s of thousands of copies each year. Since the November 2008 election of Barack Obama, the University of Chicago Press has seen a massive increase in demand for this book.[citation needed]

Milton Friedman’s assessment:

” . . I think the Adam Smith role was played in this cycle [i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world] by Friedrich Hayek’s The Road to Serfdom.”

Alan Brinkley’s assessment:

“The publication of two books .. helped to galvanize the concerns that were beginning to emerge among intellectuals (and many others) about the implications of totalitarianism. One was James Burnham’s The Managerial Revolution .. [A second] Friedrich A. Hayek’s The Road to Serfdom .. was far more controversial — and influential. Even more than Burnham, Hayek forced into public discourse the question of the compatibility of democracy and statism .. In responding to Burnham and Hayek .. liberals [in the statist sense of this term as used by some in the United States] were in fact responding to a powerful strain of Jeffersonian anti-statism in American political culture .. The result was a subtle but important shift in liberal [i.e. American statist] thinking.”

…”

http://en.wikipedia.org/wiki/The_Road_to_Serfdom

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