preview

Henry Hazlitt Economics In One Lesson Analysis

Good Essays
In his book “Economics in One Lesson”, Henry Hazlitt states that economic fallacies are spawned by “the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all group; it is the fallacy of overlooking secondary consequences” (1979). Hazlitt continues to say that “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups” (Hazlitt, 1979). The Federal Reserve is a good example of a system put in place for the…show more content…
Since the creation of the Federal Reserve, inflation has been a persistent, ongoing problem within the United States (Durden, 2013). Since the Federal Reserve is owned by the banks, it is not surprising that it serves the interests of the bank over the American population, and therefore goes against the idea of a free market and biblical principles (Durden, 2013). The value of money is constantly changing and it subject to manipulation by the Federal Reserve. For example, the Federal Reserve can randomly produce money, and add it to the money system, which devalues the currency already in place, and adds to inflation. This is one reason why the value of the U.S. dollar has fallen by 83 percent since 1970 (Durden, 2013). In his book, "Bankruptcy of Our Nation”, Jerry Robinson, states that the Bible condemns the kind of money system we use in the U.S. – a system in which the value of money is constantly changing and subject to manipulation. This system is considered a Fiat currency system; a system of unjust weights and balances (Robinson, 2009). Biblical Scripture states "A false balance is abomination to the LORD: but a just weight is his delight." (Proverbs 11:1, ESV) and, “Do not use dishonest standards when measuring length, weight or quantity. Use honest scales and honest weights, an honest ephah and an honest hin. I am the Lord…show more content…
Everything in existence, including government is under the sovereignty of God. Instead of following God’s word, the government has become enslaved to the Federal Reserve System. The Federal Reserve controls our economy, and answers to nobody; not the American people or the government. Proverbs 22:7 states “the rich rules over the poor and the borrower is the slave of the lender.” Until the United States gets out from under the thumb of the Federal Reserve, and back to biblical principles, we will remain the country with the largest debt in the
Get Access