One of the more interesting takeaways from Adam Smith's "Wealth of Nations" is that markets happen regardless of what governments do. Ultimately government regulation is a gigantic game of whack-a-mole. Government can distort markets and government can damage markets but government can never control markets.
Yes, but the damage and distortion results in a huge cost in *lost* wealth creation. It's really hard to get peeps to see these results, because the wealth lost was never created, and therefore never perceived (by enough peeps; Capitalists-at-heart see it clearly).
And, sadly, the State *does* have enough control over key markets (currency, money supply, capital, labor, healthcare, healthcare insurance) to basically have driven real progress (*lower* costs as new med/tech/capacity/supply is implemented due to the profit motive) to a minimum.
Gov't. may be destined to fail in its robot-like control mission, but the damage is done nonetheless.
"...he all but admitted that the Fed’s setting of the federal funds rate was not the driving force behind the current rise in current interest rates."
*This* is what scares the Statists (of all stripe, neo-lib *and* neo-con alike). *This* is what threatens their revenue confidence game.
*This* Capitalism will defeat them, when yhey cannot control the People's free markets.
One of the more interesting takeaways from Adam Smith's "Wealth of Nations" is that markets happen regardless of what governments do. Ultimately government regulation is a gigantic game of whack-a-mole. Government can distort markets and government can damage markets but government can never control markets.
Yes, but the damage and distortion results in a huge cost in *lost* wealth creation. It's really hard to get peeps to see these results, because the wealth lost was never created, and therefore never perceived (by enough peeps; Capitalists-at-heart see it clearly).
And, sadly, the State *does* have enough control over key markets (currency, money supply, capital, labor, healthcare, healthcare insurance) to basically have driven real progress (*lower* costs as new med/tech/capacity/supply is implemented due to the profit motive) to a minimum.
Gov't. may be destined to fail in its robot-like control mission, but the damage is done nonetheless.
Very true. Government excels at doing harm.
Thanks for the discussion, Peter!