Obama, Hayek, Central Planning and Despotism

"A claim for equality of material position can be met only by a government with totalitarian powers."  F. A. Hayek (1899-1992)President Obama’s attempt to circumvent the Rule of Law in the bankruptcy deliberations concerning the disposition of Chrysler is the act of a despot.A harsh and audacious claim, for sure. But so are Obama’s effort to use the power of his office, supplemented by alleged intimidation of those representing some Chrysler bond holders by one or more persons in his administration. All of it as part of an orchestrated move to give to the United Auto Workers (UAW) privileged consideration in the Chrysler bankruptcy disposition over against the claims of some bond holders.   If F.A. Hayek was alive, he might support this accusation against the President based on what he wrote in The Road To Serfdom (University of Chicago, 1944).  In 1974, Hayek was awarded the Nobel Memorial Prize in Economic Science.  Largely forgotten...(Read Full Post)