September 16, 2013
President Barack Obama
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Mr. President,
I'm also writing to reluctantly withdraw my name from consideration to be Chairman of the Federal Reserve. For a lefty state sponsor of anything you can get your hands on to even consider (or at least not publicly disavow) a cranky gold bug hard money advocate has been a welcome sign for the dying causes of liberty and economic prudence.
It has been a privilege to work in the remaining remnant of the private sector as you led the nation through a recession into a tepid economic recovery built on policies of command-and-control central planning.
Indeed this is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious due to my deeply held and oft stated dislike of the vast majority of US Senators, puffed up windbags that blow vast quantities of other people's money and then consider it a mark of their own virtue. All subsequent efforts at prostrating before them could therefore fall flat.
I look forward to continuing to hope for the best for your efforts to strengthen our national economy by defeating human nature - by ignoring or overcoming the evidence that humanity tends towards rational, self-seeking economic activity and that such behavior causes people to react to your collectivist policies, and that such reactions often lead to outcomes different from or opposite to the stated intents of state control. So that when you 1) pay people to do undesirable things while 2) punishing people for doing desirable things, the consequences are unintended and often downright perverse. So far, throughout history such efforts have failed expensively, often violently, whenever and wherever tried. You are standing up for the view that incentives do not matter. I say, why not have one more go at it?
In terms of our financial system, it has been exciting to watch as we double down on all of the public policies that led to the last financial crisis. With more moral hazard than ever, with an even more concentrated banking sector, and only a reshuffling but little deleveraging of our debt, it should make for an even more exciting financial crisis the next time around. I will be here to arbitrage any mispricing and market inefficiencies; thank you for all that you do every day to create more and more of them.
Chris DeMuth Jr