Strengthening Constitutional Self-Government

No Left Turns

Question for the day

Is it possible to have a functioning market economy without facing serious financial crises every now and then?

Historically speaking, they seem to be inescapable. (Any given crisis may, perhaps, be avoidable, but so long as there is liberty, there will be such crises). The implication: it is not true to say that the goal of modern liberty is not simply to overcome chance and subdue fortune.

Discussions - 7 Comments

We have never been permitted a laboratory to test the theory, but it seems clear to me that if all of the "special interests" including especially government stayed out and let economics drive the action, the "crises" you find inevitable would be small and frequent.

Larry. Where are you going to find such a world?

Man cannot be insulated from the consequences of the Fall.

That cuts to the chase, but that answers your question. Man cannot devise a system that protects him from so many commercial variables. More weighty consequences may be somewhat blunted. Which is not an inconsiderable achievement by the way............. But an absolute protection against the ebbs and flows of so much commercial activity is impossible.

A better question might be IF WE COULD devise such a system, would it be wise for us to implement it?

Is there no merit in creative destruction, no pros, to offset the cons?

Europe has devised a huge "health care system." But where are their pharmaceutical breakthroughs? Most of the drugs they rely on are discovered or invented right here, in the good old U.S. of A., supposed home of cutthroat Capitalism. My point is that there are advantages to our system, despite the events of today.

These events, while painful-maybe for all of us or only those with the money to lose-are better in a free society with all its risks than in a closed, controlled society where the crisis is always there; on-going and permanent. Just look at the Soviet system, the eastern European system, etc. and the abject misery placed on its people.

The current system is a joke. I read a comment the other day; the current system is privatize the enormous gains and socialize the enormous losses. That is incredible, and no one with any sense of fairness could put up with it.

I'm surprised more people aren't talking about this. The US Govt now owns a huge insurance company?!?! That is crazy. When GM and Ford go the US Govt will own them as well. There is no way the Govt can support AIG on the rationale that its too big to let fail and then NOT support GM and Ford when they go.

Something fundamental has changed but no one seems to recognize it?

Who likes pain? In a democratic nation, we can choose, politically, to demand success from those we elect. Look at both candidates, and if either of them promotes what you or I might call a realistic perspective on the economy and financial failure - well, he would be a political fool to do so.

We privatize the enormous gains and socialize the enormous losses, yes, because the American people vastly prefer that. I read Herbert Hoover, 1928, saying we have figured out how prevent poverty in America. He had not, actually, but everyone was furious at him for not doing so. We did not quite have that down, then, but think we do, now. God and the invisible hand knows, maybe we do. Maybe this is just the way the US Government must handle the situation. It is, after all, merely taking responsibility for its interference i the free market over the last many years. Politically, failure is not an option.

This is it people. They have gone too far to turn back now. What is going on is that the tax payers are now going to pay the intrests and these bailouts for the "reckless" elites. This is not some case of the mystical invisible hand punishing recklessness. People have begun to treat "capitalism" like a mystical religion. This is an orchestrated move by the same group of people who have run things since the end of Napolean. This whole "crisis" was so conrtived and manufactured that it is laughable. What it is about is increasing the debt that the masses have to pay. Look at what has gone on with banking in the third world for years and years. They are finally doing it in the West.

Guess what the answer is: A world bank, world government, and id chips. This will save us all they will claim and the yuppies will believe them. The only way back from this will be what we all fear most. It is time for us to fight and earn the liberty that we take for granted. The problem is that the apathy of an entire generation raised on sodium flouride and mercury laced vaccines has allowed the infamous complex to grow so strong that revolution means turning this entire country into eastern europe.

Look at the news lately: Why are they talking about shutting down the internet for fear of "home grown terrorists." Will you all sit by and watch Americans be tortured and murdured while the government tells you they were terrorists.

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