Friday, March 28, 2008

Ex-Soviet Lectures Bernanke on Free Markets

Russia has a pro-market flat tax while the United States clings to a Marxist progressive income tax.

Former Kazakhstan central bank Governor Grigori Marchenko criticized the interventionist US Federal Reserve:

Look at the last 20 years, said Marchenko, a former central bank governor of Kazakhstan, as he ticked off the bailouts in which the U.S. central bank played a role: Continental Illinois in the 1980s; the banks involved in the Latin American debt crisis; Long-Term Capital Management; the injection of liquidity after the Internet stock bubble burst in 2000.

"Those guys who have the wrong strategies get bailed out with taxpayers' money," Marchenko said, shaking his head. "It is not fair."

(International Herald Tribune, Karina Robinson, "Kazakh banker criticizes Fed's help of troubled banks," 3/28/08)

Tell Obama, Hillary, McCain, Bush, Bernanke, Paulson, Dodd, Schumer, etc. that America should be freer than the former Soviet Union:

No bailouts, mortgage-laundering, "transfers," "transitions," "assistance," "guarantees," or any other back-door euphemism to obstruct the free-market solutions.

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