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.
Nine. I wonder what Mr. Moore’s carbon footprint is?
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.
Being “pro-market” means being pro-innovation, pro-competition, pro-transparency, pro-rule of law, pro-hard work, pro-efficiency. Being “pro-business” can on occasion mean these things also but typically it does not.
He admits that world central banks are messing up.
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:
Passwords are too easy to hack we are told. Much better to have a government issued Internet ID one must sign in with every time one logs on. Much better to have the government issue a license to access information.
One password to rule them all.
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.
Paul Singer is one of the most successful money managers in the world. He knows a little about the Federal Reserve, and he is concerned.
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.