Edwin Vieira

Feb 21, 2010

June, 2011

An Historical Analysis of The Fundamental Question in Monetary Policy

to immediately hear Edwin Vieira say:

In the preamble to the Declaration of Independence, Jefferson makes a point — that he actually took from Locke — he says:

Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.

But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security.

So there’s the key to it — that people can put up with a lot, and probably they should put up with a lot… simply because the alternative of overthrowing a government — with everything that that entails — is potentially so horrendous that we don’t want to get involved in that. But — when it reaches the stage that you can look at what’s going on and say ‘Well, this is just a series of usurpations and abuses which are leading inexorably to dictatorship’ — then it is not simply one’s right, it is your duty, to throw off such government.