Woodrow Wilson, You're Hereby Charged!

Woodrow Wilson? Guilty? Wilson was a mere mortal, fumbling about in
the world outside his Ivory Palace/University. Wilson had no clue as
to how the People thought. He had his wonderful scholarly books to
guide him.
So who really is to blame? If indeed, we put all the blame on one
man's shoulders?
Jesus Christ. Yes, it's all the fault of Jesus Christ! Here was a
man who was proclaimed to be more than a mere mortal. He walked among
the People. He knew their ways, their fears, their hopes. And Jesus
Christ responded by dangling Hope just above their reach. He made it
sound as though there was a wonderful place for these tired and
bullied people.
And ever since, people have been striving to get there. They not only
want Heaven for themselves, but in their zest, they want it for
everyone....as long as it's Their Heaven. Poor old Woodrow Wilson is
no match for the likes of Jesus Christ. Wilson was just another
victim of the Father in Heaven story promoted by Jesus.

Carl Jarvis

On 1/21/15, David Chittenden <dchittenden@gmail.com> wrote:
>
>
> David Chittenden, MSc, MRCAA
> Email: dchittenden@gmail.com
> Mobile: +64 21 2288 288
> Sent from my iPhone
>
> Begin forwarded message:
>
>> From: Daily Reckoning <dr@dailyreckoning.com>
>> Date: 22 January 2015 12:44:17 NZDT
>> To: <dchittenden@gmail.com>
>> Subject: Woodrow Wilson, You're Hereby Charged!
>>
>>
>> The Daily Reckoning Presents...
>>
>> January 21, 2015
>> Archives | Unsubscribe
>>
>> Woodrow Wilson, You're Hereby Charged!
>> The weird woman in front who cried and kept interrupting the speakers
>> nearly choked when he said it...
>> 28, but not all of the things, that Woodrow Wilson is responsible for
>> mucking up big time...
>> Then, David Stockman substantiates our laundry list with cold hard
>> facts...
>>
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>>
>> Baltimore, Maryland
>> January 21, 2015
>>
>> I think someone choked on their cookie when they heard it...
>>
>> "My humble thesis tonight" the speaker said, "is that the entire 20th
>> Century was a giant mistake."
>>
>> Heh. David Stockman knows how to get a party started.
>>
>> For background, Addison and I traveled into D.C. last night to attend a
>> panel discussion on the Long Shadow of WWI. It was hosted by our friend
>> John Henry, a direct descendant of Patrick Henry. John has been playing
>> host to what he calls the Empire Salon for a decade or so in Washington
>> D.C. The attendees are mostly writers, academics, think tank guys and the
>> odd, if cranky, libertarian type.
>>
>> "We know the Empire is declining," John told us once about the founding of
>> the Salon, "but in the spirit of the old Salons of Paris in the late
>> 1800s, we just want to drink wine and talk about it."
>>
>> And so it was, David Stockman, who was a congressman, Reagan's budget
>> director and now, proprietor of the Stockman's Contra Corner blog, who
>> became a keynote speaker last night.
>>
>> He made the unapologetic case that everything bad that happened in the
>> 20th century was Woodrow Wilson's fault. He forwarded his speech to us
>> this morning and it was over 3,000 words. We won't assume you're geeks
>> like us for this stuff, so we'll paraphrase the full indictment, laundry
>> list style.
>>
>> Woodrow Wilson, you hereby stand accused by David Stockman of:
>>
>> Midwifing violent nationalism...
>> A destroyed Europe...
>> The Great Depression..
>> The warfare state...
>> The welfare state...
>> Keynesian economics...
>> World War II...
>> The Holocaust...
>> The Cold War...
>> The permanent warfare state...
>> the military industrial complex...
>> Nixon's 1971 destruction of sound money...
>> Reagan's failure to tame Big Government...
>> Greenspan's destructive cult of monetary central planning...
>> George Bush's wars of intervention and occupation...
>> The failed states in Islamic lands arbitrarily conjured by map-makers in
>> Versailles...
>> Terrorism...
>> The Bernanke/Yellen plague of bubble economics...
>> "The 1%"...
>> Wild bank speculation...
>> Crushing public and private debts...
>> The end of free market capitalism...
>> Destruction personal liberty...
>> The end of constitutional safeguards...
>> The 5th Indiana Jones movie...
>> Smaller Big Macs...
>> Bad Pizza...
>> Miley Cyrus...
>>
>> Empires play the role they're meant to play. This was the central insight
>> of Addison's best-selling book with Bill Bonner, The Empire of Debt. And,
>> since an empire's role is to "make the world safe", it's little surprise
>> the empire is always at war... always propping up the financial system... and
>> always telling people what the can't eat or say.
>>
>> But it took a true kook to cast America for the part.
>>
>> "I believe that God planted in us visions of liberty" Wilson proclaimed on
>> the 1912 campaign trail. "That we are chosen and prominently chose to show
>> the way to the nations of the world how the shall walk in the path of
>> liberty."
>>
>> What does all of this mean for you? It's hard to say...
>>
>> One possible lesson: It's hard to know where you're headed unless, every
>> once and a while, you look where you've been and understand the havoc
>> blowhards are capable of wreaking on your wellbeing.
>>
>> Another: We need a better hobby than attending epochal history
>> lectures...
>>
>> At any rate, hobnobbing with people inside the beltway gives you an
>> appreciation for living outside of it. Try explaining a financial
>> newsletter to a woman whose claim to fame was her grandmother got her PhD
>> under John Dewey at Chicago.
>>
>> Before starting these daily reckonings with Bill Bonner in 1999, Addison
>> did a stretch at the Cato Institute. I worked for Ron Paul on Capitol Hill
>> two years ago. Just three hours back in the belly of the beast... and
>> neither of us could wait to kiss the Baltimore ground on which we think
>> and write on each day.
>>
>> Regards,
>>
>> Peter Coyne
>> The Daily Reckoning
>>
>> P.S. Tomorrow the European Central Bank is expected to announce it's own
>> QE program. "It's going to be a mess" Stockman told me over breakfast this
>> morning. We'll have his insights and what the move means for your
>> tomorrow. If you're not following the news, this may be a good time to
>> start shorting the Euro...
>>
>> P.P.S. David provides substantiation for our list of charges against
>> Wilson, in today's featured essay...
>>
>>
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>>
>> If you think Obama's latest tax plan is bad news... JUST WAIT till you get
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>> In short, our "man on the inside" located a nine-letter word swirling
>> around Washington, D.C., that has the potential to DOUBLE your taxes...or
>> more!
>>
>> _ E_ _ _ A_ _ E
>>
>> And as CRAZY as it sounds, it has nothing to do with Obama's latest tax
>> hike...
>>
>> Want to get the details on this nine-letter word and find out how to make
>> sure you're protected? Click here today.
>>
>>
>> The Daily Reckoning Presents... We've taken it upon ourselves to liberally
>> edit David Stockman's 3,000+ word speech from last night. He launched a
>> scathing indictment of Woodrow Wilson. But alas, we have a word limit. If
>> you want to read it in it's entirety, click here. For the five minute
>> version read on...
>> ******************************
>> The Epochal Consequences of Woodrow Wilson's War
>> by David Stockman
>> Woodrow Wilson has a lot to answer for. In so many words, I can hardly
>> accommodate the full extent of the indictment. But let me try to summarize
>> his own "war guilt" in eight major propositions -- a couple of which might
>> give rise to a disagreement or two.
>>
>> Proposition #1: Starting with the generic context -- the Great War was
>> about nothing worth dying for and engaged no recognizable principle of
>> human betterment. There were many blackish hats, but no white ones.
>>
>> Instead, it was an avoidable calamity issuing from a cacophony of
>> political incompetence, cowardice, avarice and tomfoolery.
>>
>> Blame the bombastic and impetuous Kaiser Wilhelm for setting the stage
>> with his foolish dismissal of Bismarck in 1890, failure to renew the
>> Russian reinsurance treaty shortly thereafter and his quixotic build-up of
>> the German Navy after the turn of the century.
>>
>> Blame the French for lashing themselves to a war declaration that could be
>> triggered by the intrigues of a decadent court in St. Petersburg where the
>> Czar still claimed divine rights and the Czarina ruled behind the scenes
>> on the hideous advice of Rasputin.
>>
>> Likewise, censure Russia's foreign minister Sazonov for his delusions of
>> greater Slavic grandeur that had encouraged Serbia's provocations after
>> Sarajevo; and castigate the doddering emperor Franz Joseph for hanging
>> onto power into his 67th year on the throne and thereby leaving his
>> crumbling empire vulnerable to the suicidal impulses of General Conrad's
>> war party.
>>
>> The British War party led by the likes of Churchill and Kitchener was all
>> about the glory of empire, not the vindication of democracy
>> So too, indict the duplicitous German Chancellor, Bethmann-Hollweg, for
>> allowing the Austrians to believe that the Kaiser endorsed their
>> declaration of war on Serbia; and pillory Winston Churchill and London's
>> war party for failing to recognize that the Schlieffen Plan's invasion
>> through Belgium was no threat to England, but a unavoidable German defense
>> against a two-front war.
>>
>> But after all that -- most especially don't talk about the defense of
>> democracy, the vindication of liberalism or the thwarting of Prussian
>> autocracy and militarism.
>>
>> The British War party led by the likes of Churchill and Kitchener was all
>> about the glory of empire, not the vindication of democracy; France'
>> principal war aim was the revanchist drive to recover Alsace-Lorrain --
>> mainly a German speaking territory for 600 years until it was conquered by
>> Louis XIV.
>>
>> In any event, German autocracy was already on its last leg as betokened by
>> the arrival of universal social insurance and the election of a
>> socialist-liberal majority in the Reichstag on the eve of the war; and the
>> Austro-Hungarian, Balkan and Ottoman goulash of nationalities,
>> respectively, would have erupted in interminable regional conflicts,
>> regardless of who won the Great War.
>>
>> In short, nothing of principle or higher morality was at stake in the
>> outcome.
>>
>> Proposition #2: The war posed no national security threat whatsoever to
>> the US. Presumably, of course, the danger was not the Entente powers --
>> but Germany and its allies.
>>
>> But how so? After the Schlieffen Plan offensive failed on September 11,
>> 1914, the German Army became incarcerated in a bloody, bankrupting,
>> two-front land war that ensured its inexorable demise. Likewise, after the
>> battle of Jutland in May 1916, the great German surface fleet was bottled
>> up in its homeports -- an inert flotilla of steel that posed no threat to
>> the American coast 4,000 miles away.
>>
>> As for the rest of the central powers, the Ottoman and Hapsburg empires
>> already had an appointment with the dustbin of history. Need we even
>> bother with the fourth member -- that is, Bulgaria?
>>
>> Proposition #3: Wilson's pretexts for war on Germany -- submarine warfare
>> and the Zimmerman telegram -- are not half what they are cracked-up to be
>> by Warfare State historians.
>>
>> As to the so-called freedom of the seas and neutral shipping rights, the
>> story is blatantly simple. In November 1914, England declared the North
>> Sea to be a "war zone"; threatened neutral shipping with deadly sea mines;
>> declared that anything which could conceivably be of use to the German
>> army -- directly or indirectly -- to be contraband that would be seized or
>> destroyed; and announced that the resulting blockade of German ports was
>> designed to starve it into submission.
>>
>> A few months later, Germany announced its submarine warfare policy
>> designed to the stem the flow of food, raw materials and armaments to
>> England in retaliation. It was the desperate antidote of a land power to
>> England's crushing sea-borne blockade.
>>
>> Accordingly, there existed a state of total warfare in the northern
>> European waters -- and the traditional "rights" of neutrals were
>> irrelevant and disregarded by both sides. In arming merchantmen and
>> stowing munitions on passenger liners, England was hypocritical and
>> utterly cavalier about the resulting mortal danger to innocent civilians
>> -- as exemplified by the 4.3 million rifle cartridges and hundreds of tons
>> of other munitions carried in the hull of the Lusitania.
>>
>> England was hypocritical and utterly cavalier about the resulting mortal
>> danger to innocent civilians.
>> Likewise, German resort to so-called "unrestricted submarine warfare" in
>> February 1917 was brutal and stupid, but came in response to massive
>> domestic political pressure during what was known as the "turnip winter"
>> in Germany. By then, the country was starving from the English blockade --
>> literally.
>>
>> Before he resigned on principle in June 1915, Secretary William Jennings
>> Bryan got it right. Had he been less diplomatic he would have said never
>> should American boys be crucified on the cross of Cunard liner state room
>> so that a few thousand wealthy plutocrat could exercise a putative "right"
>> to wallow in luxury while knowingly cruising into in harm's way.
>>
>> As to the Zimmerman telegram, it was never delivered to Mexico, but was
>> sent from Berlin as an internal diplomatic communique to the German
>> ambassador in Washington, who had labored mightily to keep his country out
>> of war with the US, and was intercepted by British intelligence, which sat
>> on it for more than a month waiting for an opportune moment to incite
>> America into war hysteria.
>>
>> In fact, this so-called bombshell was actually just an internal foreign
>> ministry rumination about a possible plan to approach the Mexican
>> president regarding an alliance in the event that the US first went to war
>> with Germany.
>>
>> Why is this surprising or a casus belli? Did not the entente bribe Italy
>> into the war with promises of large chunks of Austria? Did not the hapless
>> Rumanians finally join the entente when they were promised Transylvania?
>> Did not the Greeks bargain endlessly over the Turkish territories they
>> were to be awarded for joining the allies? Did not Lawrence of Arabia
>> bribe the Sherif of Mecca with the promise of vast Arabian lands to be
>> extracted from the Turks?
>>
>> Why, then, would the German's -- if at war with the USA -- not promise the
>> return of Texas?
>>
>> Proposition #4: Europe had expected a short war, and actually got one when
>> the Schlieffen plan offensive bogged down 30 miles outside of Paris on the
>> Marne River in mid-September 1914. Within three months, the Western Front
>> had formed and coagulated into blood and mud -- a ghastly 400 mile
>> corridor of senseless carnage, unspeakable slaughter and incessant
>> military stupidity that stretched from the Flanders coast across Belgium
>> and northern France to the Swiss frontier.
>>
>> The next four years witnessed an undulating line of trenches, barbed wire
>> entanglements, tunnels, artillery emplacements and shell-pocked scorched
>> earth that rarely moved more than a few miles in either direction, and
>> which ultimately claimed more than 4 million casualties on the Allied side
>> and 3.5 million on the German side.
>>
>> If there was any doubt that Wilson's catastrophic intervention converted a
>> war of attrition, stalemate and eventual mutual exhaustion into Pyrrhic
>> victory for the allies, it was memorialized in four developments during
>> 1916.
>>
>> In the first, the Germans wagered everything on a massive offensive
>> designed to overrun the fortresses of Verdun -- the historic defensive
>> battlements on France's northeast border that had stood since Roman times,
>> and which had been massively reinforced after the France's humiliating
>> defeat in Franco-Prussian War of 1870.
>>
>> But notwithstanding the mobilization of 100 divisions, the greatest
>> artillery bombardment campaign every recorded until then, and repeated
>> infantry offensives from February through November that resulted in
>> upwards of 400,000 German casualties, the Verdun offensive failed.
>>
>> The second event was its mirror image -- the massive British and French
>> offensive known as the battle of the Somme, which commenced with equally
>> destructive artillery barrages on July 1, 1916 and then for three month
>> sent waves of infantry into the maws of German machine guns and artillery.
>> It too ended in colossal failure, but only after more than 600,000 English
>> and French casualties including a quarter million dead.
>>
>> By year-end 1916 the German generals who had destroyed the Russian armies
>> in the East were given command of the Western Front.
>> In between these bloodbaths, the stalemate was reinforced by the naval
>> showdown at Jutland that cost the British far more sunken ships and
>> drowned sailors than the Germans, but also caused the Germans to retire
>> their surface fleet to port and never again challenge the Royal Navy in
>> open water combat.
>>
>> Finally, by year-end 1916 the German generals who had destroyed the
>> Russian armies in the East with only a tiny one-ninth fraction of the
>> German army -- Generals Hindenburg and Ludendorff -- were given command of
>> the Western Front. Presently, they radically changed Germany's war
>> strategy by recognizing that the growing allied superiority in manpower,
>> owing to the British homeland draft of 1916 and mobilization of forces
>> from throughout the empire, made a German offensive breakthrough will nigh
>> impossible.
>>
>> The result was the Hindenburg Line -- a military marvel based on a
>> checkerboard array of hardened pillbox machine gunners and maneuver forces
>> rather than mass infantry on the front lines, and an intricate labyrinth
>> of highly engineered tunnels, deep earth shelters, rail connections, heavy
>> artillery and flexible reserves in the rear. It was also augmented by the
>> transfer of Germany's eastern armies to the western front -- giving it 200
>> divisions and 4 million men on the Hindenburg Line.
>>
>> This precluded any hope of Entente victory. By 1917 there were not enough
>> able-bodied draft age men left in France and England to overcome the
>> Hindenburg Line, which, in turn, was designed to bleed white the entente
>> armies led by butchers like Generals Haig and Joffre until their
>> governments sued for peace.
>>
>> Thus, with the Russian army's disintegration in the east and the stalemate
>> frozen indefinitely in the west by early 1917, it was only a matter of
>> months before mutinies among the French lines, demoralization in London,
>> mass starvation and privation in Germany and bankruptcy all around would
>> have led to a peace of exhaustion and a European-wide political revolt
>> against the war makers.
>>
>> Wilson's intervention thus did not remake the world. But it did radically
>> re-channel the contours of 20th century history. And, as they say, not in
>> a good way.
>>
>>
>> BANNED by the News!
>>
>> The story on the topic you're about to see is so controversial it was
>> banned from the news and the reporters who uncovered it were fired for
>> trying to bring it to light.
>>
>> DO NOT read this if you are happy with the president and his first lady.
>>
>> Get the full story here.
>>
>>
>> Proposition #5: Wilson's epochal error not only produced the abomination
>> of Versailles and all its progeny, but also the transformation of the
>> Federal Reserve from a passive "banker's bank" to an interventionist
>> central bank knee-deep in Wall Street, government finance and
>> macroeconomic management.
>>
>> This, too, was a crucial historical hinge point because Carter Glass' 1913
>> act forbid the new Reserve banks to even own government bonds; empowered
>> them only to passively discount for cash good commercial credits and
>> receivables brought to the rediscount window by member banks; and
>> contemplated no open market interventions in debt markets or any remit
>> with respect to GDP growth, jobs, inflation, housing or all the rest of
>> modern day monetary central planning targets.
>>
>> In fact, Carter Glass' "banker's bank" didn't care whether the growth rate
>> was positive 4%, negative 4% or anything in-between; its modest job was to
>> channel liquidity into the banking system in response to the ebb and flow
>> of commerce and production.
>>
>> Jobs, growth and prosperity were to remain the unplanned outcome of
>> millions of producers, consumers, investors, savers, entrepreneurs and
>> speculators operating on the free market, not the business of the state.
>>
>> Wilson's war took the national debt from about $1 billion or $11 per
>> capita to $27 billion.
>> But Wilson's war took the national debt from about $1 billion or $11 per
>> capita -- a level which had been maintained since the Battle of Gettysburg
>> -- to $27 billion, including upwards of $10 billion re-loaned to the
>> allies to enable them to continue the war. There is not a chance that this
>> massive eruption of Federal borrowing could have been financed out of
>> domestic savings in the private market.
>>
>> So the Fed charter was changed owing to the exigencies of war to permit it
>> to own government debt and to discount private loans collateralized by
>> Treasury paper.
>>
>> In due course, the famous and massive Liberty Bond drives became a
>> glorified Ponzi scheme. Patriotic Americans borrowed money from their
>> banks and pledged their war bonds; the banks borrowed money from the Fed,
>> and re-pledged their customer's collateral. The Reserve banks, in turn,
>> created the billions they loaned to the commercial banks out of thin air,
>> thereby pegging interest rates low for the duration of the war.
>>
>> When Wilson was done saving the world, America had an interventionist
>> central bank schooled in the art of interest rate pegging and rampant
>> expansion of fiat credit not anchored in the real bills of commerce and
>> trade; and its incipient Warfare and Welfare states had an agency of
>> public debt monetization that could permit massive government spending
>> without the inconvenience of high taxes on the people or the crowding out
>> of business investment by high interest rates on the private market for
>> savings.
>>
>> Proposition #6: By prolonging the war and massively increasing the level
>> of debt and money printing on all sides, Wilson's folly prevented a proper
>> post-war resumption of the classical gold standard at the pre-war
>> parities.
>>
>> This failure of resumption, in turn, paved the way for the breakdown of
>> monetary order and world trade in 1931 -- a break which turned a standard
>> post-war economic cleansing into the Great Depression, and a decade of
>> protectionism, beggar-thy-neighbor currency manipulation and ultimately
>> rearmament and statist dirigisme.
>>
>> In essence, the English and French governments had raised billions from
>> their citizens on the solemn promise that it would be repaid at the
>> pre-war parities; that the war bonds were money good in gold.
>>
>> But the combatant governments had printed too much fiat currency and
>> inflation during the war, and through domestic regimentation, heavy
>> taxation and unfathomable combat destruction of economic life in northern
>> France had drastically impaired their private economies.
>>
>> Accordingly, under Churchill's foolish leadership England re-pegged to
>> gold at the old parity in 1925, but had no political will or capacity to
>> reduce bloated war-time wages, costs and prices in a commensurate manner,
>> or to live with the austerity and shrunken living standards that honest
>> liquidation of its war debts required.
>>
>> Under Churchill's foolish leadership England re-pegged to gold at the old
>> parity in 1925
>> At the same time, France ended up betraying its war time lenders, and
>> re-pegged the Franc two years later at a drastically depreciated level.
>> This resulted in a spurt of beggar-thy-neighbor prosperity and the
>> accumulation of pound sterling claims that would eventually blow-up the
>> London money market and the sterling based "gold exchange standard" that
>> the Bank of England and British Treasury had peddled as a poor man's way
>> back on gold.
>>
>> Yet under this "gold lite" contraption, France, Holland, Sweden and other
>> surplus countries accumulated huge amounts of sterling liabilities in lieu
>> of settling their accounts in bullion -- that is, they loaned billions to
>> the British. They did this on the promise and the confidence that the
>> pound sterling would remain at $4.87 per dollar come hell or high water --
>> just as it had for 200 years of peacetime before.
>>
>> But British politicians betrayed their promises and their central bank
>> creditors September 1931 by suspending redemption and floating the pound
>> -- shattering the parity and causing the decade-long struggle for
>> resumption of an honest gold standard to fail. Depressionary contraction
>> of world trade, capital flows and capitalist enterprise inherently
>> followed.
>>
>> Proposition #7: By turning America overnight into the granary, arsenal and
>> banker of the Entente, the US economy was distorted, bloated and deformed
>> into a giant, but unstable and unsustainable global exporter and
>> creditor.
>>
>> During the war years, for example, US exports increased by 4X and GDP
>> soared from $40 billion to $90 billion. Incomes and land prices soared in
>> the farm belt, and steel, chemical, machinery, munitions and ship
>> construction boomed like never before -- in substantial part because Uncle
>> Sam essentially provided vendor finance to the bankrupt allies in
>> desperate need of both military and civilian goods.
>>
>> Under classic rules, there should have been a nasty correction after the
>> war -- as the world got back to honest money and sound finance. But it
>> didn't happen because the newly unleashed Fed fueled an incredible boom on
>> Wall Street and a massive junk bond market in foreign loans.
>>
>> In today economic scale, the latter amounted to upwards of $2 trillion
>> and, in effect, kept the war boom in exports and capital spending going
>> right up until 1929. Accordingly, the great collapse of 1929-1932 was not
>> a mysterious failure of capitalism; it was the delayed liquidation of
>> Wilson's war boom.
>>
>> After the crash, exports and capital spending plunged by 80% when the
>> foreign junk bond binge ended in the face of massive defaults abroad; and
>> that, in turn, led to a traumatic liquidation of industrial inventories
>> and a collapse of credit fueled purchases of consumer durables like
>> refrigerators and autos. The latter, for example, dropped from 5 million
>> to 1.5 million units per year after 1929.
>>
>> Proposition #8: In short, the Great Depression was a unique historical
>> event owing to the vast financial deformations of the Great War --
>> deformations which were drastically exaggerated by its prolongation from
>> Wilson's intervention and the massive credit expansion unleashed by the
>> Fed and Bank of England during and after the war.
>>
>> Stated differently, the trauma of the 1930s was not the result of the
>> inherent flaws or purported cyclical instabilities of free market
>> capitalism; it was, instead, the delayed legacy of the financial carnage
>> of the Great War and the failed 1920s efforts to restore the liberal order
>> of sound money, open trade and unimpeded money and capital flows.
>>
>> But this trauma was thoroughly misunderstood, and therefore did give rise
>> to the curse of Keynesian economics and did unleash the politicians to
>> meddle in virtually every aspect of economic life, culminating in the
>> statist and crony capitalist dystopia that has emerged in this century.
>>
>> Needless to say, that is Thomas Woodrow Wilson's worst sin of all.
>>
>> Regards,
>>
>> David Stockman
>> for The Daily Reckoning
>>
>> David Stockman was a two-term Congressman from Michigan. He was also the
>> Director of the Office of Management and Budget under President Ronald
>> Reagan. After leaving the White House, Stockman had a 20-year career on
>> Wall Street. He's the author of two books, The Triumph of Politics and The
>> Great Deformation. He also is founder of David Stockman's Contra Corner.
>>
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