Genesis of the "NO" Logo
In history there have been two basic forms of social organization: collectivism and individualism. In the 20th and 21st century, collective variations have included socialism, fascism, Nazism, and communism. Under collectivism, a ruling class of “intellectuals”, bureaucrats, politicians and/or social planners decides what people want or what is “good” for society and then uses the coercive power of the State to regulate, tax and redistribute wealth in an attempt to achieve their desired objectives. Individualism is a political and social philosophy that emphasizes individual liberty, belief in the primary importance of the individual and in the virtues of self-reliance and personal independence and responsibility. It embraces opposition to controls over the individual when exercised by the state. The Preamble to our Constitution makes it plain that all power rests originally with the people, as individuals.
The “O” within the circle represents collectivism in its various forms. The “N” represents an emphatic repudiation of collectivism. The red, white and blue circles encompassing the “NO” are emblematic of our Republic. It is the responsibility of the individuals in an engaged and enlightened republic to limit the influence of the government, especially one that attempts to wield power outside the boundaries delineated by the Constitution.
When it comes to diagnosing the causes of the Great Depression and prescribing cures for our present recession, the pundits and economists from the biggest schools typically argue about two different types of intervention. Big-government Keynesians, such as Paul Krugman, argue for massive fiscal stimulus—that is, huge budget deficits—to fill the gap in aggregate demand. On the other hand, small-government monetarists, who follow in the laissez-faire tradition of Milton Friedman, believe that the Federal Reserve needs to pump in more money to prevent the economy from falling into deep depression. Yet both sides of the debate agree that it would be utter disaster for the government and Fed to stand back and allow market forces to run their natural course after a major stock market or housing crash.
In contrast, many Austrian economists reject both forms of intervention. They argue that the free market would respond in the most efficient manner possible after a major disruption (such as the 1929 stock market crash or the housing bubble in our own times). As we shall see, the U.S. experience during the 1920–1921 depression—one that the reader has probably never heard of—is almost a laboratory experiment showcasing the flaws of both the Keynesian and monetarist prescriptions.
http://www.thefreemanonline.org/featured/the-depression-youve-never-heard-of-1920-1921/
