Letters to the Editor
Readers write about whether President-elect Obama can become another FDR – and if he can, whether or not he should.
Can (or should) Obama be another FDR?
Regarding the Nov. 24 Opinion piece, "FDR saved capitalism – now it's Obama's turn": If author Robert S. McElvaine really wants President-elect Obama to save capitalism, then he should suggest that the first thing Mr. Obama do once he takes office is eliminate the Federal Reserve system and fractional reserve banking practices. This is the cause of our current crisis and it was the cause of the Great Depression, as well.
Central banking is a socialist institution and it is not possible for free enterprise to coexist with this centralization of our capital markets. So, unlike Mr. McElvaine, I am hoping that the banking system cannot be saved.
McElvaine and others continue to blame the people's economic liberty for this crisis. They are wrong. It is the Federal Reserve system that is to blame.
It was the Federal Reserve that caused the current recession, through inflationary monetary policy. FDR turned the recession of his era into the Great Depression, which lasted 15 years, by not allowing the market to correct the mistakes made by businesses before the recession. It's the same thing that is happening today.
Capitalism is not the problem. It's the government and central banking that are the problem.
Mr. McElvaine hit the nail on the head, and I hope that this history lesson is learned well by our incoming president.
President-elect Obama seems to have the same connection with the people that FDR had. I hope he uses this as a tool to enact policies that reflect what the majority of people in this nation want – a sustainable yet free economy. For almost eight years, we have been subject to the whims of a vocal minority who either have all the money, or falsely believe they can acquire it through the policies of a neoconservative administration. They share the same fervor for deregulation that led us into the Great Depression.