Friday, July 18, 2008

The Greatness of the Market in a Crisis (Lew Rockwell)

Lew Rockwell on the wonders of the market economy as it copes marvelously well with the machinations of the state:

If you are glued to the evening news or the radio, you might believe that the whole nation is waiting in suspense to see how our leaders are going to deal with the economic challenges of our day: recession, inflation, unemployment, bank runs, etc. There are proposed laws, bills flying everywhere, candidates promising this and that, press conferences, debates, op-eds, talking heads, regulations, investigations, proposals, and policies.

Then there is the real world.

The real world is the market economy. It is making a trillion decisions every hour. The decisions are dramatic, decisive, and life changing. They deal with real stuff, not vapid promises. We see this in a crisis more than ever: the takeovers, production shifts, whole industries rising and falling, patterns of imports and exports reversing themselves, jobs changing, with tens of billions of dollars changing hands minute by minute.

Here is the pith of life. The rest of what people think matters is just white noise.

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