Tag Archives: Libertarianism

Thomas Sowell, America’s most influential public intellectual, announces retirement

Economist Thomas Sowell
Economist Thomas Sowell changed the minds of a generation of young people, including me

I had written enough posts to carry me through the Christmas and New Year’s vacation. But then something happened that caused me to come off vacation and postpone today’s scheduled post in order to write about the retirement of a man who influenced my worldview as much as anyone has. And I am not exaggerating when I say that this man contributed the most of anyone to the economic views of libertarians and conservatives. (Although his views on social and foreign policy issues were largely conservative, as well). I never disagreed with his views, or maybe it’s just that he always convinced me to change to agree with him. He’s that kind of man – if you liked having a friend who knew how to think through just about anything, then this was the guy for you.

But now he has announced his retirement. Here is his farewell column. (H/T Mary)

Excerpt:

After enjoying a quarter of a century of writing this column for Creators Syndicate, I have decided to stop. Age 86 is well past the usual retirement age, so the question is not why I am quitting, but why I kept at it so long.

[…]Looking back over the years, as old-timers are apt to do, I see huge changes, both for the better and for the worse.

In material things, there has been almost unbelievable progress. Most Americans did not have refrigerators back in 1930, when I was born. Television was little more than an experiment, and such things as air-conditioning or air travel were only for the very rich.

My own family did not have electricity or hot running water, in my early childhood, which was not unusual for blacks in the South in those days.

It is hard to convey to today’s generation the fear that the paralyzing disease of polio inspired, until vaccines put an abrupt end to its long reign of terror in the 1950s.

[…]Most people living in officially defined poverty in the 21st century have things like cable television, microwave ovens and air-conditioning. Most Americans did not have such things, as late as the 1980s. People whom the intelligentsia continue to call the “have-nots” today have things that the “haves” did not have, just a generation ago.

[…]With all the advances of blacks over the years, nothing so brought home to me the social degeneration in black ghettoes like a visit to a Harlem high school some years ago.

When I looked out the window at the park across the street, I mentioned that, as a child, I used to walk my dog in that park. Looks of horror came over the students’ faces, at the thought of a kid going into the hell hole which that park had become in their time.

When I have mentioned sleeping out on a fire escape in Harlem during hot summer nights, before most people could afford air-conditioning, young people have looked at me like I was a man from Mars. But blacks and whites alike had been sleeping out on fire escapes in New York since the 19th century. They did not have to contend with gunshots flying around during the night.

We cannot return to the past, even if we wanted to, but let us hope that we can learn something from the past to make for a better present and future.

It’s a tragedy that Thomas Sowell is not more recognized in our culture. Thomas Sowell makes public appearances, but mostly to conservatives. Although I am not a Rush Limbaugh listener, I once heard Thomas Sowell sitting in for Rush, and he had another conservative black economist Walter Williams on with him. Rank-and-file conservatives bought Sowell’s books by the bushel and we went through them one after another. The first girl I ever dated went though 6 Thomas Sowell books in 2 months, then enrolled in university to study economics. That’s the kind of effect that Thomas Sowell had on people – you couldn’t read just one of his books. You read as many as you get from the public library, then you read all could afford to buy. Then you asked for them on birthdays and Christmases from your dumbfounded liberal relatives. It was fresh air – you read Thomas Sowell to get the lies and dishonesty of the progressive culture out of your mind.

But most people on the left have never heard of Thomas Sowell. Despite Sowell’s splendid scholarly credentials and academic publications, the leftist gatekeepers don’t want their liberal followers to know that the real intellect behind economic conservative is a black economist. Instead of fighting against Sowell’s ideas, their response has been to ignore him.

Let’s take a quick look at some of the institutions who are recognizing the great man’s retirement.

The American Enterprise Institute called it “the end of an era”:

In my opinion, there is no economist alive today who has done more to eloquently, articulately, and persuasively advance the principles of economic freedom, limited government, individual liberty, and a free society than Thomas Sowell. In terms of both his quantity of work (at least 40 books and several thousand newspaper columns) and the consistently excellent and crystal-clear quality of his writing, I don’t think any living free-market economist even comes close to matching Sowell’s prolific record of writing about economics. And I don’t think there is any writer today, economist or non-economist, who can match Thomas Sowell’s “idea density” and his ability to consistently pack so much profound economic wisdom into a single sentence and a single paragraph.

Even at 86 years old, Thomas Sowell has remained intellectually active with his syndicated newspaper columns and the publication last year of his 40th book — Wealth, Poverty and Politics: An International Perspective — which was, amazingly, his 13th book in the last decade! To honor Thomas Sowell’s well-deserved retirement from writing his invaluable weekly column for the last quarter century, I present below some of my favorite quotations from Dr. Thomas Sowell (most were featured on a CD post in June on Sowell’s birthday) and a bonus video of the great economist:

I had to choose just a few of these, so here goes:

6. Politicians as Santa Claus. The big question that seldom— if ever— gets asked in the mainstream media is whether these are a net increase in jobs. Since the only resources that the government has are the resources it takes from the private sector, using those resources to create jobs means reducing the resources available to create jobs in the private sector.

So long as most people do not look beyond superficial appearances, politicians can get away with playing Santa Claus on all sorts of issues, while leaving havoc in their wake— such as growing unemployment, despite all the jobs being “created.”

If you show or read the quote below to anyone who is a serious conservative, they will immediately tell you that the author is Thomas Sowell, or someone summarizing Sowell’s work:

10. The Anointed Ones. In their haste to be wiser and nobler than others, the anointed have misconceived two basic issues. They seem to assume: 1) that they have more knowledge than the average member of the benighted, and 2) that this is the relevant comparison. The real comparison, however, is not between the knowledge possessed by the average member of the educated elite versus the average member of the general public, but rather the total direct knowledge brought to bear through social processes (the competition of the marketplace, social sorting, etc.), involving millions of people, versus the secondhand knowledge of generalities possessed by a smaller elite group.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from ‘society,’ rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by ‘society.’

Celebrating entrepreneurs:

12. Helping the Poor. It was Thomas Edison who brought us electricity, not the Sierra Club. It was the Wright brothers who got us off the ground, not the Federal Aviation Administration. It was Henry Ford who ended the isolation of millions of Americans by making the automobile affordable, not Ralph Nader.

Those who have helped the poor the most have not been those who have gone around loudly expressing “compassion” for the poor, but those who found ways to make industry more productive and distribution more efficient, so that the poor of today can afford things that the affluent of yesterday could only dream about.

Distinctions like this is what gave so many ordinary people the desire to read more and more of Thomas Sowell to clean popular culture socialist pablum out of their minds:

13. Income Mobility. Only by focusing on the income brackets, instead of the actual people moving between those brackets, have the intelligentsia been able to verbally create a “problem” for which a “solution” is necessary. They have created a powerful vision of “classes” with “disparities” and “inequities” in income, caused by “barriers” created by “society.” But the routine rise of millions of people out of the lowest quintile over time makes a mockery of the “barriers” assumed by many, if not most, of the intelligentsia.

Everything becomes clear – as spiderwebs – with a little Thomas Sowell. And for evidence, he used the best studies from all over the world, from across all different times and places, so that you always had the evidence at your fingertips. His books are filled with footnotes for further study.

The Weekly Standard

The Weekly Standard has an article entitled “Thomas Sowell, America’s Greatest Public Intellectual, Says ‘Farewell'” by Fred Barnes.

Excerpt:

Thomas Sowell is giving up his column. I can think of lots of columnists whose writing we wouldn’t miss. Sowell isn’t one of them. Every column he wrote in a quarter-century career as a columnist was eminently worth reading. I say this having read nearly every one of them.

What made his columns so good? He wrote with sparkling clarity. He relied on facts. He didn’t showcase his scholarship, but his range of subjects was impressive. He understood his readers and didn’t write down to them. He was prolific. He wrote two columns a week and, when he had more to say, sometimes three or four. Best of all, he analyzed things from conservative—and somewhat libertarian—perspective better than anyone else and in fewer words.

If you wanted more words, you could always look to his books, and that’s what my friends and I did.

National Review

National Review has an article entitled “Thank You, Professor Sowell” by Michelle Malkin. They also re-posted an article from 2011, entitled “A Lion in High Summer”.

One quote from Michelle Malkin:

I first read Thomas Sowell in college — no thanks to my college.

At the majority of America’s institutions of “higher learning,” reading Thomas Sowell was a subversive act in the early 1990s when I was a student. It remains so today. Why? Because the prolific libertarian economist’s vast body of work is a clarion rejection of all that the liberal intelligentsia hold dear.

[…]The former leftist playwright David Mamet, in his 2008 manifesto “Why I Am No Longer a Brain-Dead Liberal,” cited his exposure to Sowell, whom he dubbed “our greatest contemporary philosopher,” as a critical factor in his conversion. Whether tackling the “bait and switch media,” the “organized noisemakers,” or the lawless enablers of “social disintegration,” Thomas Sowell’s dozens of academic books and thousands of newspaper columns have sparked generations of his readers across the political spectrum to think independently and challenge imposed visions.

Asked once how he would like to be remembered, Sowell responded: “Oh, heavens, I’m not sure I want to be particularly remembered. I would like the ideas that I’ve put out there to be remembered.” Mission accomplished. Though it has been decades since he taught in a formal classroom, his students are legion.

This is where today’s conservatives came from – we read the Thomas Sowell. Many conservatives (e.g. – Michelle and myself) came from non-white families and cultures, just like Sowell. We were convinced to give up on the socialism popular in our families and cultures by his writing. He convinced himself, then he convinced us. In contrast, there isn’t much convincing on the secular left – most people just accept secular leftism in order to be liked – it’s not cognitive, it’s just virtue signaling. Conservatives are convinced by Thomas Sowell’s writing, whereas liberals blindly follow Hollywood celebrities. It’s just tribalism.

Ben Shapiro

Jewish conservative Ben Shapiro wrote an article in The Daily Wire entitled “Farewell to Thomas Sowell, Dean of Conservative Columnists”.

One excerpt:

In what we can only hope is the final heartbreak of 2016, Senior Fellow at the Hoover Institution Thomas Sowell announced his retirement from his syndicated column. Sowell isn’t just one of the great thinkers of our time. He’s a genuine voice of decency and truth in a time when screaming and hysterics gain headlines. His voice will be missed every week.

[…]For years, I’ve named Sowell as the man I’d most love to see as president. That doesn’t end just because his column has.

At the end, he lists his favorite Thomas Sowell books.

That’s to show you how real conservatives like Ben Shapiro who are having a real influence (his podcast is the #1 conservative podcast, it has exploded in popularity) were influenced by Thomas Sowell. Shapiro always says that people new to conservatism should always start with a study of basic economics, e.g. – books by Thomas Sowell. No one in my own family started out conservative. I read Thomas Sowell, then they read Thomas Sowell. That’s how we became conservatives.

Wintery Knight

I’m busy cleaning stuff out of my parents basement this holiday season. This trip, I am taking some of my books back with me. I made the choices about what to take before I saw Sowell’s retirement. Without any sentiment at all, I chose:

  • Basic Economics, 4th edition
  • Applied Economics, 2nd edition
  • Economics Facts and Fallacies, 2nd edition
  • Intellectuals and Society, 2nd edition
  • The Housing Boom and Bust, 2nd edition
  • Inside American Education
  • A Personal Odyssey
  • A Conflict of Visions
  • The Vision of the Anointed (best book for beginners)
  • Barbarians Inside the Gates
  • Black Rednecks and White Liberals

I am leaving my second edition of Basic Economics for my Dad. I understand that a new 5th edition is now out, and I might get that. I have many, many more on audio books – I buy all the audio books editions that I can get, and listen to them over and over. This is where my worldview on economic issues (not to mention marriage, gun rights, education, war, etc.) came from.

Are libertarians right to say that lifting sanctions on evil regimes leads to liberalizing reforms?

Has liberalizing relations with China caused their government to introduce pro-liberty reforms? Libertarians like Rand Paul who cheered Obama’s appeasement of Cuba think that it has, but what are the facts?

This is a news article from the ultra-leftist UK Guardian.

Excerpt:

China’s drift towards a new authoritarianism under the unsmiling leadership of Xi Jinping has found new expression in a series of alarming year’s-end moves to curb personal freedoms and free speech. The country’s implacable president and Communist party chief is forcefully driving China towards economic and geopolitical superpower status. But the social cost is mounting steadily.

With the ruthless crackdown on dissent in Hong Kong still fresh in the memory, Xi’s latest anti-democratic coup came in the form of expanded action to block Gmail, Google’s email service, presumably because it gave users a degree of autonomy that Xi and his unelected party cadres find threatening. China already regularly blocks foreign websites such as Facebook and YouTube. Google pulled most of its business out of China in 2011 after a row over censorship.

Aspects of Xi’s policy of “autocracy with Chinese characteristics” are familiar to the country’s academic community, which is under renewed pressure to toe the party line. Instructions issued by the president after a higher education conference on Monday included the demand that universities do more to promote Marxist doctrine and Communist party ideological guidance, the Xinhua news agency reported.

“Enhancing [party] leadership and party-building in the higher learning institutions is a fundamental guarantee for running socialist universities with Chinese features well,” Xi was quoted as saying.

Political indoctrination is already a routine feature of university life for Chinese students, while their teachers are subject to monitoring to ensure political correctness. In an echo of the Stalinist era in the Soviet Union, this year reporters from state-controlled media were ordered to attend university lectures and detect and denounce teachers whose ideas might be considered “scornful of China” or pro-western.

Christians are hit especially hard:

China’s estimated 60-70 million Christians have not escaped persecution during the Christmas period, according to reports from Beijing suggesting their plight has worsened under the new leadership. Members of Shouwang, a Beijing Christian group, told Agence France-Presse that several pastors had been under house arrest since they tried to arrange Easter services in a public square in 2011.

Most Chinese Christians shun state-run churches and worship in “house churches” beyond government control. But official tolerance of such independent activity is waning, judging by a crackdown on 400 churches in eastern Zhejiang province, some of which were reportedly demolished.

Offering an insight into paranoid party thinking, an official recently told Beijing worshippers to “resolutely resist the use of Christianity by foreigners to infiltrate China”. Crosses have been torn down at many churches and at a nursing home. The authorities have made an issue out of Christmas lights, which are increasingly popular in Chinese cities, saying they may pose a safety hazard.

The ultra-leftist New York Times had more to say. (H/T Dennis Prager)

Excerpt:

They pounce on bloggers who dare mock their beloved Chairman Mao. They scour the nation’s classrooms and newspapers for strains of Western-inspired liberal heresies. And they have taken down professors, journalists and others deemed disloyal to Communist Party orthodoxy.

China’s Maoist ideologues are resurgent after languishing in the political desert, buoyed by President Xi Jinping’s traditionalist tilt and emboldened by internal party decrees that have declared open season on Chinese academics, artists and party cadres seen as insufficiently red.

Ideological vigilantes have played a pivotal role in the downfall of Wang Congsheng, a law professor in Beijing who was detained and then suspended from teaching after posting online criticisms of the party. Another target was Wang Yaofeng, a newspaper columnist who voiced support for the recent pro-democracy protests in Hong Kong and then found himself without a job.

“Since Xi came to power, the pressure and control over freethinkers has become really tight,” said Qiao Mu, a Beijing journalism professor who was demoted this fall, in part for publicly espousing multiparty elections and free speech. “More and more of my friends and colleagues are experiencing fear and harassment.”

Two years into a sweeping offensive against dissent, Mr. Xi has been intensifying his focus on perceived ideological opponents, sending ripples through universities, publishing houses and the news media and emboldening hard-liners who have hailed him as a worthy successor to Mao Zedong.

[…]Mr. Xi’s recent orders and the accompanying surge of pressure on political foes further dispelled initial suspicions that his ideological hardening was a feint to establish his credibility with traditionalists as he settled into power. Instead, his continuing campaign against Western-inspired ideas has emboldened traditional party leftists.

This is why libertarians like Rand Paul can never be the Republican candidate for President. Foreign policy is one of the main responsibilities of the President. When it comes to choosing our leaders, we have to choose someone who sees what has and has not worked in the past. Trade is not a solution to reining in strong anti-Western nations, something else (maybe like Reagan in the Cold War?) is needed to deal with evil regimes. We made a mistake throwing Cuba a lifeline just as we had them on the ropes. We have to look at the world and ask what comes after stage one of foreign policy decisions – for all parties. The trouble with libertarians is that they don’t apply the economic way of thinking to foreign policy.

Economist Walter Williams blames school violence on secularism and moral relativism

Economist Walter Williams
Economist Walter Williams

My two favorite economists are Walter Williams and Thomas Sowell. Both are conservative or libertarian. Both of them happen to be black. But neither is especially outspoken about religion. But imagine my surprise when I read this CNS News column on gun violence in schools by Walter Williams, who I always thought was the more libertarian of the two.

Look:

When I attended primary and secondary school — during the 1940s and ’50s — one didn’t hear of the kind of shooting mayhem that’s become routine today. Why? It surely wasn’t because of strict firearm laws. My replica of the 1902 Sears mail-order catalog shows 35 pages of firearm advertisements. People just sent in their money, and a firearm was shipped.

Dr. John Lott, author of “More Guns, Less Crime,” reports that until the 1960s, some New York City public high schools had shooting clubs where students competed in citywide shooting contests for university scholarships. They carried their rifles to school on the subways and, upon arrival, turned them over to their homeroom teacher or the gym coach and retrieved their rifles after school for target practice. Virginia’s rural areas had a long tradition of high-school students going hunting in the morning before school and sometimes storing their rifles in the trunks of their cars that were parked on school grounds. Often a youngster’s 12th or 14th birthday present was a shiny new .22-caliber rifle, given to him by his father.

Fathers? Children don’t grow up with fathers any more, 42% of the time. And why not? The feminists told us that men are evil, and that marriage is sexist. And the socialists told us that rewarding single motherhood was a good idea, because it makes women who don’t bother to get married before having sex more equal to those who do bother to get married first. But fatherlessness is a huge factor in criminal behavior, as I showed before.

Dr. Williams continues:

What explains today’s behavior versus yesteryear’s? For well over a half-century, the nation’s liberals and progressives — along with the education establishment, pseudo-intellectuals and the courts — have waged war on traditions, customs and moral values. These people taught their vision, that there are no moral absolutes, to our young people. To them, what’s moral or immoral is a matter of convenience, personal opinion or a consensus.

During the ’50s and ’60s, the education establishment launched its agenda to undermine lessons children learned from their parents and the church with fads such as “values clarification.” So-called sex education classes are simply indoctrination that sought to undermine family and church strictures against premarital sex.
Lessons of abstinence were ridiculed and considered passé and replaced with lessons about condoms, birth control pills and abortions. Further undermining of parental authority came with legal and extralegal measures to assist teenage abortions with neither parental knowledge nor consent.

Customs, traditions, moral values and rules of etiquette, not laws and government regulations, are what make for a civilized society. These behavioral norms — transmitted by example, word of mouth and religious teachings — represent a body of wisdom distilled through ages of experience, trial and error, and looking at what works.

The importance of customs, traditions and moral values as a means of regulating behavior is that people behave themselves even if nobody’s watching. Police and laws can never replace these restraints on personal conduct so as to produce a civilized society. At best, the police and criminal justice system are the last desperate line of defense for a civilized society. The more uncivilized we become the more laws that are needed to regulate behavior.

Many customs, traditions and moral values have been discarded without an appreciation for the role they played in creating a civilized society, and now we’re paying the price. What’s worse is that instead of a return to what worked, people want to replace what worked with what sounds good, such as zero-tolerance policies in which bringing a water pistol, drawing a picture of a pistol, or pointing a finger and shouting “bang-bang” produces a school suspension or arrest.

See, now that’s a smart libertarian. Smart libertarians understand that liberty depends on people being aware of the design of the universe, and the objective moral obligations imposed by that design. If we don’t promote institutions and people that help us to explore the design of the universe, then we are going to have to rely on big government to regulate us instead of regulating ourselves. What we’ve done instead is make impossible to speak about the reality of God and the reality of objective morality in schools, or in any other public place, for that matter. Hearing about God and morality is just too offensive to people who want to put their own selfishness above the moral law.

Similarly, libertarians should not be pushing for promiscuity, abortion and same-sex marriage, either. Intact families are necessary for raising the next generation of citizens to be well-adjusted, law-abiding and productive. Marriages are more stable when the participants are chaste and/or abstinent for a period of time early in the relationship. And children do better when raised by a mother and a father, and less well in other arrangements. Either we feel an obligation to control our own desires and make a plan for marriage success, so that we can provide children with a stable nurturing environment, or the government will have to control the anti-social behavior of fatherless children.

Thomas Sowell has posted a more traditional argument against gun control, in the extremist left-wing UK Guardian, of all places.

A special message for people who intend to vote libertarian in Tuesday’s election

Please watch this video:

Former Libertarian VP candidate Wayne Allyn Root agrees that Libertarians should unite behind Romney this election.

Excerpt:

As a former Libertarian presidential contender,  the 2008 Libertarian vice presidential nominee,  the former chairman of the Libertarian National Campaign Committee, and the man called “Mr. Libertarian” by media across this country, you might be surprised to find I’m supporting Republican Mitt Romney for president. Yes, this Las Vegan has gone “all in” for Mitt. Why? Because Mitt Romney is the only sane choice for Libertarians.

It’s simple. Libertarians believe in less government; lower taxes; cutting rules, regulations and mandates to get government out of the way of small business; reining in out-of-control government agencies like the EPA;  auditing the Fed; and balancing the budget. Sound familiar?

So do Mitt Romney and Paul Ryan. Certainly a little less than Libertarians, including me, would like. But, I’ll take incremental progress over no progress. Mitt Romney is a step in the right direction.

Barack Obama is a thousand miles in the wrong direction — a direction that leads to the bankruptcy of our children and grandchildren and the destruction of the American Dream. A vote for anyone but Romney is a vote for Obama and his disastrous road that leads to the end of America (as we know it).

The Obama you’ve seen for the last four years is nothing like the radical man who will be unleashed for the next four. The first Obama term was just a small taste of things to come. Without having to answer to voters again, Obama will be his REAL radical self. Without restraint, Obama will ignore Congress, and govern by Executive Order. These radical Executive Orders from “Obama unleashed” will change America forever.

Don’t believe me? Are you aware Obama issued almost 1,000 executive orders in his first term? That’s more than all other presidents in history combined (and still counting). In a second term Obama will render Congress meaningless.

[…]This election is NOT about Libertarian versus non-Libertarian. This election is about capitalism versus Big Brother socialism. Mitt Romney is far from perfect, but at least he believes in capitalism. At least he won’t denigrate and discourage business owners. Be thankful for little things.

I’m not just a Libertarian. First and foremost, I’m a capitalist evangelist. I’m proud to be a small businessman.

Economic issues are the whole ballgame at this point. We need to get our fiscal house in order first. Without an economy, without jobs, it’s impossible to deal with all our other problems. Mitt understands, as President Calvin Coolidge once said, “The business of America is business.” That’s why electing Mitt Romney is so important.

This election is our LAST STAND to save America. Mitt understands that Obama’s rhetoric, constant threats against business, union favoritism, IRS intimidation, 60,000 new rules and regulations, stimulus to nowhere, never-ending unemployment and food stamps, the added taxes and regulations of ObamaCare, and the attempt to ban oil drilling and regulate the coal industry out of existence, have collectively ground the U.S. economy to a halt. We will not survive four more years of Obama as CEO of this economy.

The time to vote libertarian was in the primary. But this is the general election, and it’s all hands on deck to stop the socialist from winning a second term, where he will have no accountability to the voters whatsoever.

Republican platform adds resolution to audit the Federal Reserve

From San Francisco Chronicle.

Excerpt:

 The Republican Party platform promises to replace what it criticizes as President Barack Obama’s debt-swollen entitlement society with “a roaring job market to match a roaring economy.”

The platform reflects the influence of presidential candidate Mitt Romney, offering as the remedy for the nation’s economic ills a familiar recipe of low taxes, light regulation, expanded oil drilling and free enterprise. It vows to reduce personal and corporate taxes, repeal Obama’s health-care law, promote small businesses and avoid taxpayer bailouts of troubled financial institutions.

The 62-page roadmap, approved by a voice vote of the delegates yesterday at the party’s national convention in Tampa, Florida, promotes expanded trade and accuses the Obama administration of “a virtual surrender” to commercial rival China. The Asian country is stealing American trade secrets, manipulating its currency to make its exports cheaper, and hampering U.S. firms trying to sell to Chinese customers, the Republicans say.

Republicans call for banks to be “well-capitalized” and pledge to repeal the 2010 Dodd-Frank financial-regulation law.

Along with major economic policy shifts, the Republicans vow to transform the size and scope of government. Trillion- dollar annual budget deficits and mounting debt are harming job growth, they say. “The massive federal government is structurally and financially broken,” the platform says.

[…]Echoing a longtime demand of libertarian Representative Ron Paul of Texas, the platform calls for an annual audit of the Federal Reserve. And it proposes a commission to investigate “possible ways to set a fixed value for the dollar,” a reference to a potential revival of the gold standard.

The campaign document labels Fannie Mae and Freddie Mac, government-sponsored mortgage financiers, as “a primary cause of the housing crisis because their implicit government guarantee allowed them to avoid market discipline and make risky investments.”

That view, though widely held among conservatives, has been rejected by the Federal Reserve and three of the four Republicans on the government commission that investigated the 2008 financial meltdown.

Note that both Mitt Romney and Paul Ryan support auditing the Federal Reserve.

Presumptive Republican nominee Mitt Romney called for increased transparency at the Federal Reserve Monday, voicing his strongest support yet for an audit of the country’s central banking system.

“The answer is yes to that, very plain and simple,” Romney responded, when asked by a supporter at a New Hampshire town hall whether it was time to audit the Fed. “The Federal Reserve should be accountable. We should see what they’re doing.”

The mark aligns Romney with a growing cadre of conservatives championing an audit of the Federal Reserve, a group led by Romney’s primary opponent Ron Paul and his acolytes. Earlier this month,Paul’s “Audit The Fed” bill passed the House of Representatives with overwhelming bipartisan support.

After taking a more measured stance on the issue during the Republican primaries, Romney has slowly moved to embrace a Federal Reserve audit as support for the issue grows with voters across the political spectrum. Romney’s new running mate, Wisconsin Congressman Paul Ryan, has been a vocal critic of the central banking system, and is listed as one of 268 co-sponsors of Paul’s bill. 

Romney has also said that he will not reappoint Ben Bernanke if he is elected. I think that Ron Paul supporters should be able to decide who to support in the general election based on this information.