Thomas Woods writes here about the absurd assertion coming from people who ought to know better that voluntary exchange in private enterprise markets has failed.
Just in case you hadn't noticed, we have not had anything like free markets in the United States since at least 1913. In fact, every industry is regulated. Some industries, such as financial services, are regulated beyond imagination.
The banking system is in fact a cartel authorized and operated by the federal government through its wholly controlled subsidiary, the Fed. The investment industry is heavily regulated by the SEC, state regulators, FINRA (Financial Industry Regulatory Authority), FDIC, SIPC, and a whole host of additional alphabet soup agencies it would take me about 30 minutes to compile. We have no fewer than 8 major acts passed by Congress since 1913 that empower one or another agency of bureaucrats to dictate the operation of and ride herd on the financial services industry.
So I ask you, if what we see around us today is called "failure," just who or what is it that has failed?" It's so totally obvious that it is government and regulators who have failed---not voluntary exchange in private enterprise. Only an institution like the academy would fail to notice such an obvious fact. Oops. Sorry, politicians would also fail to notice that fact, wouldn't they.
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