It seems fairly obvious that it would not. It is very hard for a large business to remain a dominant player without gifts from the government. Big business is not enamored with the free markets libertarians advocate. In a free market big businesses are constantly sniped at by smaller but more nimble competitors. Smaller newer companies are hungrier and usually have newer equipment. They often have fresher personnel. Free markets make life hard for big business.
The big banks, which in 2008 nearly went belly-up because they were overleveraged and needed a taxpayer funded bailout in order to survive a reversal in the economic tide, are even bigger today. They pose more risk than they did 5 years ago. Because they have been designated as “too big to fail” the megabanks now enjoy an implicit subsidy courtesy of you and me. Their borrowing costs are lower because we backstop them. Because of the backstop and lower costs bankers are incentivized to take on more risk. Sooner or later this will create major instability as the market mechanism has been distorted and will seek to correct for this distortion.
The bankers truly, deeply fear Bitcoin. Again, I say this not as an advocate. I prefer the old gold and silver. But I love, I mean love that Bitcoin is tying the establishment in knots. It is super fun to watch. Read, please read, the attached article as the author waxes on and on about how only white males like Bitcoin anyway so it should be taken down.
Austerity? Austerity involves tax increases and big time spending cuts. I saw some taxes increased but I didn’t see much in the way of spending cut. What tiny bit was cut in sequestration was reinstated thanks in large part to the Republicans who couldn’t bear to see money to the military contractors reduced.
Literally a journalist for journalists, Howard Kurtz has a few things to say about the new FCC initiative which seeks in theory to police news content.
I just think it’s amazing that someone at the FCC thinks that the media isn’t Lefty enough.
Boeing is working the system from every angle. From sweet taxpayer funded defense contracts to the sweet taxpayer funded Export Import Bank which subsidizes its civilian efforts, to only God knows what else, Boeing gets crony capitalism. It’s a master.
Attached in an interesting and disturbing article from Truthout.com, a generally progressive site. It says that those “terms and conditions” contracts we sign when we get a credit card or sign up for iTunes represent a new form of “fascism.”
Though the article acknowledges the actual definition of fascism, that is the marriage of government and business, it argues that something which doesn’t involve the government can also constitute “fascism.”
Who ever thought that so many battles would surround raw milk? I don’t even like milk but I’m beginning to feel like I need to go out and buy some to help these folks.
But I think it might be illegal to buy in Virginia. I’ll have to go to the black market.
Governments don’t like it. Central banks don’t like it. We shouldn’t be surprised that Bitcoin is being attacked from all angles. Bitcoin executives are being arrested, the Mt. Gox exchange was taken down, and now a denial of service attack.
The bankers fear Bitcoin.
Attached is an extremely well done article which lays out why it is that today’s political establishment, especially the “progressives” are so afraid of libertarianism.