One of the greatest delusions in the world is the hope that the evils in this world are to be cured by legislation.
Why libertarians feel like Cassandra
Thu, 10/08/2009 - 17:21 — JC
What It Feels Like To Be A Libertarian?
This essay captures exactly how I feel.
"Imagine spending two decades warning that government policy is leading to a major economic collapse, and then, when the collapse comes, watching the world conclude that markets do not work.
Imagine continually explaining that markets function because they have a built in corrective mechanism; that periodic contractions are necessary to weed out unproductive ventures; that continually loosening credit to avoid such corrections just puts off the day of reckoning and inevitably leads to a larger recession; that this is precisely what the government did during the 1920's that led to the great depression; and then, when the recession hits, seeing it offered as proof of the failure of laissez-faire capitalism. "