President-elect Trump now has the opportunity to change the economic course of Mankind radically for the better, in a way that has never before been possible in Human history. He has merely to nominate Ron Paul for the Chairmanship of the Federal Reserve and with this one action he would inject a dose of pure Capitalism into a sick Socialist world, and inject Austrian School Economics, which really is the only truthful view of economics, into the world discussions on economics.
The reason that Ron Paul is the logical pick is because has been studying Austrian Economics for decades, served on the government’s Gold Commission, and was for many years a friend of Professor Murray Rothbard, the last in the modern Austrian triumvirate of Mises, Hayek, and Rothbard. Ron Paul clearly understands Austrian Economics, and has written several books on it — the economics of pure Capitalism and also the Economics that naturally comes to all Mankind through his native intelligence and logical thought. Marginal utility theory, for example, should be self-evident to anyone who has ever had a surfeit of something which is valuable to all, and valuable to the individual who owns it, but not in the quantities that he possesses. The corn farmer may be pleased with the fact that he has 100 lbs. of good corn for his own use, but he does not need, and could not use, the next 5,000 bushels of corn he has harvested. Before it rots, he’d rather trade that marginal surplus of corn for cash or other commodities that he needs, like the part for his car without which he would have to hike five miles to town for his other commodities, and carry them on his back.
Austrian Economics reflects the psychology of economic relations between Human Beings which has existed since time immemorial. You might even call it “The Universal Psychology of Human Economic Interactions”. The great delight of the London wealthy in the 1500’s under Elizabeth and Henry Tudor was — shopping, and when the Royal Exchange opened up, with its two floors of kiosks selling every consumer staple, and where the wealthy could walk out of the mud and rain, and keep their shopping more private, those aristocrats and wealthy merchants went wild. Not much different than Black Friday in its psychology, with nowadays consumers clamoring for iphones and xboxes instead of wigs, gloves, and shoes. The economic psychology of the Human Being is universal for both time and place, and cuts across all cultures and ethnic groups, positing another refutation of racist theory.
With this one action of nominating Ron Paul, President Trump can double the impact of this revolutionary turn of government which the voters have initiated, if indeed it turns out to be revolutionary. We remain skeptical, but we would believe far more that a revolutionary or radical change has been brought into office with the election of Trump if he were to put the icing on the cake by nominating Ron Paul. This would clearly indicate Trump’s bona fides far more than his words.
I would urge my readers to contact the President-elect and urge him to nominate Ron Paul for Fed Chief, which would go much farther in restoring the Republic than even the election of Mr. Trump may do. America needs to have intelligent Libertarians at the head of the Fed, instead of confused Keynesians, whose economic theories have failed again and again.
Ron Paul for Fed Chief!
—Paul Grad, Libertarian Party of Oregon Gubernatorial Nominee 2014