A definition from a “libertarian source”:
[A] centrally planned economy in which the government controls all means of production . . .
Now who was the last President to use the federal government to centrally command and control the government’s economy? Oh yeah! This guy:
Who knew marxist socialist central planners ran rampant within the Republican party?
August 15, 1971. In a move widely applauded by the public and a fair number of (but by no means all) economists, President Nixon imposed wage and price controls. The 90 day freeze was unprecedented in peacetime, but such drastic measures were thought necessary. Inflation had been raging, exceeding 6% briefly in 1970 and persisting above 4% in 1971. By the prevailing historical standards, such inflation rates were thought to be completely intolerable.
The 90 day freeze turned into nearly 1,000 days of measures known as Phases One, Two, Three, and Four. The initial attempt to dampen inflation by calming inflationary expectations was a monumental failure.
Funny, I don’t think anyone in the coming Obama administration is planning such severe measures of Marxist/Leninist intervention in our great and glorious free market system. But then I could be wrong.
