Should the Federal Reserve be abolished?

The Foundation for Economic Education (FEE) is asking that question - and more - and giving you a chance to express yourself. Additionally, they're awarding a $2,000 prize for the winning entry.

2011 Eugene S. Thorpe Writing Competition

FEE invites writers to address the following:

"Should the Federal Reserve be abolished? What monetary system should replace it?"

The deadline is midnight on Dec. 31st. There is a maximum length of 2,000 words and entries (only one per person) can be emailed to essaycontest@fee.org

They will also publish the winning essay in their magazine, The Freeman.

Of course, there are eligibility rules with the traditional exclusions:

The Eugene S. Thorpe Writing Competition is open to writers from around the world, including students, freelance writers, teachers and professors, and business professionals. There is no minimum or maximum age for entrants. FEE employees (and their immediate family members), trustees, and Freeman editors and columnists are not eligible.

Also, if you decide to submit an entry, I'd be happy to publish it here as a guest post.

So for all those who've been railing against the Fed and its unaccountability, here's your chance! Good Luck!

Quote of the Day - unsustainable

Since I'm working on gathering information for filling in on WSPD this afternoon from 3-6 p.m, I though it was a good time for this quote from Sheldon Richman, editor of "The Freeman" and TheFreemanOnline.org (publications of the Foundation for Economic Education), on the federal fiscal situation:

"The current trajectory is unsustainable in the ruling establishment’s own terms. If nothing changes, in perhaps a little more than a decade all the central government’s revenues will be consumed by Medicare, Medicaid, Social Security, and interest on the burgeoning debt, which, at more than $14 trillion, is closing in on 100 percent of GDP. The central government now borrows 40 cents of every dollar it spends. Imagine how upset the ruling elite will be when it can spend money on nothing but so-called entitlements and interest? That would leave nothing for the military-industrial complex, nothing for business and farm subsidies, nothing for all the ways that politicians buy off constituents so they can be reelected over and over. Obviously, they don’t want that to happen."

For more, see his complete article, "Had Enough Yet? Thank you, political class."

An oldie but goodie - Konop should read it

With both Lucas County Commissioner (and mayoral candidate) Ben Konop and President Barack Obama touting a taxpayer-funded college education for all, I thought it might be a good idea to take a look at this oldie but goodie from the Foundation for Economic Education.

The article, "No More Subsidies for Higher Education" by George C. Leef, was published in FEE's magazine, The Freeman, which is also available on line.

The author makes several excellent points:

* He tears apart the 'social justice' argument that higher education is something that society 'owes' to low-income and other 'under served' populations.

* He points out that a 'good education' does NOT equate to a college degree, especially considering the lack of 'quality' education many students are getting in today's public schools.

* He looks at employment outlooks that show many anticipated job openings are in fields that might require specialized training, but do not require a college degree.

* He questions why existing opportunities are not sufficient to meet the demand. (And note that neither President Obama nor Comm. Konop have indicated a 'demand' for more college graduates - especially in such fields as women studies or English literature.)

While the article is from 2002, the points are as valid today as they were then. Even if you look at the 'green job's' being touted by the President and Konop, you'll see that many of them are for tasks that certainly do not require an 'advanced' degree. Does a window or insulation installer need a four-year bachelor's degree - or just some on-the-job training?

Konop should read the article ... but I won't hold my breath waiting for his 'rebuttal.'