This looks like the killing-the-king ritual. Leftists, socialists and other such assorted groups who have never believed in the power of markets to decide the fate of humans, have declared it open season on free market beliefs. John Cassidy, who writes on finance for the New Yorker, has written a book to explain why the free market belief now lies in ruins.
(This story appears in the 04 December, 2009 issue of Forbes India. To visit our Archives, click here.)
Seriously, what a joke of a book.<br /> The govts of multiple countries went to world war I and suddenly thats the fault of the free market?. Isn't there ANYONE who wants to speak of govt failure?<br /> <br /> If the fed causes inflation by pumping money, it is somehow the 'free' market at work?. How come the money is a govt monopoly and recessions give a bad rap to the 'free market' when there is in fact nothing other than govt interference in money - the grease that lubricates the wheels of the economy?<br /> Keynes the big equation writer had to conjure a nonsensical 'animal spirits' to explain his bunkum?. Truly free market indeed. Somehow 'regulation' is touted as the panacea to animal spirits without realising that regulators are human beings who are liable to be influenced by the same weird animal spirits.<br /> Freemarkets are about freedom. There is no freedom in a monetary system where currencies and money supplies are govt monopolies. Lets concentrate on govt manipulation and focus on making the market truly "free". What a load of falsehoods do we have come to believe in. It is staggering.
on Nov 26, 2009