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Tag Archives: capitalism

Memo to the Political Class: You Can’t Be a Hero and a Thief

Washington and the Fed think they can plan out society. That they can manipulate the levers of the economy to elicit positive outcomes (mostly for them). That leaving the world to the “whims of the marketplace” is madness. That dispassionate managers (no one is dispassionate, especially political managers) can and will make the world anew. There is no God. Government is God and it will giveth and taketh as it pleases.

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Richard Ebeling: Free Market Capitalism vs. Crony Capitalism

A great explanation of the difference between the two is attached. And we agree, it is vital that the current renaissance in classically liberal thought continues to grow. Life, liberty, and property are beautiful ideas and the world would be a much better place (safer, more educated, generally more fulfilled) if people had a better understanding of these concepts.

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Gene Epstein on Crony Capitalism

Barron’s distinguished economic analyst Gene Epstein pointed out in an article May 31st that increasing economic inequality is not caused by capitalism, but rather by Crony Capitalism. He also cites Hunter Lewis’s book Crony Capitalism in America 2008-2012:

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Piketty’s wealth inequality book a ‘big mess’ (Video)

Piketty rose out of nowhere like a rocket, propelled by the Obama administration and an #oldmedia which loved the narrative the French professor was selling.

In the last couple of weeks however, as people have read the book, the gravity of peer review has started to bring the rocket down nearly as fast as it went up.

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Tim Geithner is no hero, no matter how many times he says that he is one.

TARP was the absolute height of crony capitalism. Many of the big banks should have gone down, but in the midst of a “Blackberry panic” – as David Stockman puts it – the masters of the masters of the universe lost sight of reality and the nature of markets. Yes, Goldman Sachs would have gone down. But this would have been a GOOD THING. The blood which should have filled the the streets of Downtown Manhattan would have washed the unsustainable leverage clean from the system (for a while). Giants are meant to fall. It would have been good for the economy.

It would have been terrible for Wall Street of course. Banks, livelihoods, careers, and reputations hung in the balance that fall of 2008. For the bankers the world was indeed ending. So in a selfish act of desperation they forced the American public to save them.

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