Home > Uncategorized > Repo Man: Mr. President You Can’t Drive My Car

Repo Man: Mr. President You Can’t Drive My Car

Well, I had some other posts planned but they will have to wait for another day because the now infamous remark that President Obama made regarding not giving the keys to the car (the economy) to the Republicans still irks me. 

It's not just the fact that Obama's virtual resume (I wonder if he has updated it for after the 2012 election) is more ethereal than the digital bit-stream it is carried on, it's the very idea that any president, Congress, political party, or other institution ought to possess the "keys" to the economy or country.

We live in a representative republic under a free market economy – at least in theory. Our political institutions, in combination with the banking system, has slowly mutated our system through constitutional amendment and legislation to the point that it is nearly unrecognizable. I won't go into all of the details here, but you can read my articles Abolish the 17th Amendment – Direct Election of Senators and The FED Stole My Lunch Money for my take.

In economies where the government possesses the economic keys, their ride is a broken down heap by the side of the road – think Cuba and North Korea. No mechanic can get under the hood of those failed economic engines and repair the damage that has been done.

The alternative to centrally planned economies such as North Korea and Cuba is the free market. It is imperfect to be sure, but the best alternative available. As difficult as it is for our central bank, congress, and President Obama to believe, free means just what it says. Free from interference and manipulation. That doesn't mean free from regulation or rules. I am not – at least not yet – an advocate of anarchy. However, if the government continues to fiddle with the economic engine that powers not only our economy, but also provides support to our representative republic, then anarchy might well be our final destination.

So, pardon me if I get a little peeved when President Obama arrogantly asserts that he should hold the keys to our collective political and economic future. Excuse me if I don't want either party to hold the keys either. My apologies to the technocrats at the Federal Reserve Bank for pointing out that all of your pointy heads – even if they could be joined together into one big pointy super-brain – will never be able to allocate scarce economic resources as efficiently as millions of individuals free to choose how to spend their own money.

I'm taking the keys. You see, I'm the repo man and I have come to repossess my car. You haven't been making your monthly payments, plus you're a really bad driver.
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