Nelson Nash’s Becoming Your Own Banker: PART II Lesson 2 Willie Sutton’s Law

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Content: Page 29, Becoming Your Own Banker Fifth Edition

If you can overcome Parkinson’s Law, rest assured, you must now face “Willie Sutton’s Law” – Wherever wealth is accumulated, someone will try to steal it. For those too young to remember him, Willie Sutton was a notorious bank robber who was born around 1900. When asked why he kept robbing banks he replied, “Why, that’s where they keep the money!”

Willie didn’t invent this idea – he was just a stellar practitioner of the art as an individual. Theft was the very first labor-saving device – don’t bother to produce anything, just steal from those who do.

Frederic Bastiat, a French economist and statesman who, in 1850, wrote an essay entitled The Law, describes it this way:

“The law perverted! And the police powers of the state perverted along with it! The law, I say, not only turned from its proper purpose but made to follow an entirely contrary purpose! The law become the weapon of every kind of greed! Instead of checking crime, the law itself guilty of the evils it is supposed to punish! If this is true, it is a serious fact, and moral duty requires me to call the attention of my fellow-citizens to it.”

What Bastiat saw in France in the mid-1800s – and which we have in abundance in the U.S. today – he correctly identified as legal plunder.

He goes on to explain, “But how is this legal plunder to be identified? Quite simply: See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.”

So, the question of the moment is: Who is the biggest thief in the world?

If you answered, “The Internal Revenue Service,” then go to the head of the class! You are absolutely correct!

As a result of the above bit of history you will find yourself engulfed in confiscatory taxation if you are the least bit effective in producing and accumulating wealth. You can count on it! Willis Sutton’s Law is active! At this point there are many who resort to despair – “Woe is me, I am productive, I whip Parkinson’s Law, and those dirty rotten tax collectors steal my wealth!” Why be surprised? They can’t steal from the poor – they have nothing to steal! For more insight on this matter, go to my website, and when the home page comes up, click on the BankNotes button. That’s my quarterly newsletter. Now go to the left side of that page, under the LINKS button, and click on the April 2001 issue and download it. Now scroll down to my article entitled Lies! Lies! Lies! and give it a thorough study.

There is no need for despair. The government lawmakers and bureaucrats who carry out these perversions of law fully understand that they are dealing with a parasite-host relationship. Government is incapable of producing anything – it gets all its sustenance from the productive element of society. Government is a parasite and lives off the productive taxpayers, the host. It is self evident that if the parasite takes all the produce of the host, then both parties die! Government officials may be cunning, but they are not stupid! They want to keep you producing so that they will have a place from which to steal.

We all need to protect ourselves from the devastating effects of this monstrous idea outlined above. It just can’t work. Yet, generation after generation keeps trying the same old nonsense. Economic problems are best solved by people freely contracting with one another and with government limited to enforcing those contracts. The best way to do so is through the magnificent idea of dividend-paying whole life insurance! It has been around for over 200 years. It has stood the test of time. It is not compulsory. It is not a government sponsored idea. It preceded the income tax idea by a long time and is not a creature of the IRS code. It is private property. Only the people who care about others that are dear to them participate in the idea. What a great group of people to be associated with in business!

There’s more homework to do. Buy a copy of The Law by Frederic Bastiat. Study this little book intensively. Then buy 100 copies of it and give it to others. Bought in large quantities, it is very inexpensive, and it will be one of the best things you can do for your fellow man! The world has always needed this knowledge.