The subprime crisis is not a failure of marketApril 29, 2008
I’m getting tired of hearing people like George Soros happily declare subprime proves “free market fundamentalism” will ruin the financial sector. How anybody can describe a system in which the price of money is fixed by a few secretive men in a marble palace “free” or “market” is beyond me. This crisis is not a failure of market, it’s a failure of government. The Soviet Union collapsed, the world already had this debate and the conclusion is settled, central planning doesn’t work. Get over it. It doesn’t work in steel, it doesn’t work in agriculture, it doesn’t work in energy, and it definitely doesn’t work in money. Giving any central bank the ability to manipulate the supply of money is giving them the ability to regulate half the value of every transaction in the economy. If I could describe the exact opposite of free market, a central bank would be play a central role. Legendary investor Jim Rogers believes the Fed has sowed the seeds of its own destruction with a careless bailout of Wall Street, let’s hope he’s right.
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Spot on!
One thing many people forget is that central banking was one of the key points of Engel and Marx’s communist manifesto.
We are living in a world where central planner have screwed up royally and yet the free market is getting the blame. I struggle to comprehend how so many people could fail to see this.
Those people haven’t read or tried to understand anything, besides pulp fiction, since they graduated from school. They also believe everything they hear on radio and television and repeat it as truth.
Thinking is way to complex to engage in for very long abd CSPAN is boring.
I need to check out the Marx, Engels, central banking connection. I’ve never heard of it.
I’m so frustrated and amazed by what is going on now, I borrowed “The Wealth of Nations” from the library and from the very same shelf “Capitalism, the Unknown Ideal” by Ms. Rand.I still don’t care for Rand’s style, but given current events, I am beginning to understand her passion.
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