As we embark on a new year, the atmosphere feels increasingly charged with tension and absurdity. Society appears to be on the brink of a collective frenzy, with many voices echoing concerns that amplify this growing unease.
This week, U.S. Representative Alexandria Ocasio-Cortez cautioned us that “The world is gonna end in 12 years if we don’t address climate change.” This profound warning came amidst a stream of media coverage fixated on a peaceful encounter between a grinning teen in a MAGA hat and a drumbeat native American, which seems to miss the larger issues at hand.
Meanwhile, the World Economic Forum convened in Davos, Switzerland, where elite discussions generated an array of high-decibel absurdities. The official program included topics such as:
- Globalization 4.0
- How cities can combat climate change
- Radical reinventions of social systems
- Plastics pollution
- Safeguarding our planet
- The rise of techno-nationalism
- Media freedom in crisis
- Averting peak Europe
- Escaping extinction
- When global order fails
- A new deal for nature
- Shaping the future of democracy
While the brightest minds at Davos may perceive these challenges as opportunities for technocratic solutions—often at the expense of the public—we are seeking something different. Our focus today is on the often-overlooked value of silence. In today’s incessant noise, we find ourselves yearning for the tranquility that seems all too rare.
One significant area where silence is needed is within the federal government. Contrary to the modest and quiet institution envisioned by the nation’s founders, today’s sprawling federal apparatus is rife with noise. However, there are glimpses of progress. The ongoing government shutdown has momentarily silenced aspects of Washington, leaving approximately 800,000 federal workers furloughed or working without pay. If this shutdown persists, many of these employees may seek private sector jobs, effectively reducing the federal workforce.
Yet, this is just a beginning. True silence demands genuine restraint—something echoed from nearly a century ago…
Silent Cal
Calvin Coolidge, the 30th President of the United States, was a man known for his few words. As Vice President under Warren Harding, he attended cabinet meetings but rarely contributed, embodying his belief in minimal government interference in business and personal affairs. This penchant for silence earned him the moniker “Silent Cal.”
Upon taking office after Harding’s untimely passing, Coolidge embraced a philosophy of minimal action, famously urging the public to “Keep Cool with Coolidge.” His approach was rewarded in the 1924 presidential election.
Silent Cal reduced taxes and made an uncommon choice for his time: he also cut federal spending by simply saying “No.” He rejected veterans’ pleas for bonus payments and vetoed the Soldiers’ Bonus Act. He said no to farmers, vetoing the McNary-Haugen Farm Relief Bill, a proposal for government intervention to artificially raise agriculture prices. Throughout his presidency, he vetoed a total of 50 pieces of legislation.
On those rare occasions when Silent Cal spoke, such as when discussing The Press Under a Free Government, he made it clear that:
“After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing, and prospering. I firmly believe that these impulses drive our lives. Wealth arises from industry, ambition, character, and relentless effort. The accumulation of wealth promotes schools, knowledge, science, culture, and liberties.”
An Honest and Easy Solution to Wealth Inequality
Calvin Coolidge had little patience for government meddling in schools, healthcare, agriculture, industry, or other aspects of the economy. He opposed taxation policies and forced philanthropy, recognizing that government does not create wealth.
If Coolidge were alive today, he would likely identify the root of current wealth inequality as stemming from the Federal Reserve’s artificial monetary policies. He would disapprove of today’s central bank-driven credit expansion that fosters wide wealth disparities. Rather than resorting to taxing the affluent for redistribution, which often benefits cronies while leaving the broader populace with mere crumbs, his approach would differ significantly.
Bill Bonner recently proposed a straightforward and honest alternative to the complex web of taxation and redistribution. He suggested:
‘“Inequality’ could be addressed effectively.
“Cease rigging interest rates. Let the free market determine appropriate rates, which would likely exceed 5 percent. Suddenly, the wealth accumulated post-2009 by the super-rich would dissipate.”
“Thus far, neither AOC [Alexandria Ocasio-Cortez] nor DJT [Donald John Trump] has put forth such an elegant solution. Don’t hold your breath.”
In addition, we assert one critical and non-negotiable condition: there should be no government-funded bailouts.
Best regards,
MN Gordon
for Economic Prism
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