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In
This Issue:
The biggest threat to free markets in seventy
years.... "Mad Bureaucrats" Disease: USDA won't let farm test cows
for disease.... Reefer Madness Record: pot arrests reach all-time
high.... The new penny... Exerting *undo* influence.... and much
more!
The Liberator Online
Vol. 13, No. 16 | October 6, 2008
Circulation:69,801 subscribers in over 100 countries.
The world's largest-circulation libertarian publication!
Published by the Advocates for Self-Government
Edited by James W. Harris | Email: james(a)TheAdvocates.org
Support the world-changing work of the Advocates! Please see:
http://www.theadvocates.org/about-us.html or call us
toll-free at 1-800-932-1776. Thank you!
...
|
"The Advocates for Self-Government has been
responsible for almost all the libertarian outreach tools
you can find: from wallet-sized copies of the famous World's
Smallest Political Quiz, to instructional audio tapes on
communication skills and political activism, to the
ubiquitous 'libertarian event in a kit': the Operation
Politically Homeless (OPH) booths that you've seen at
parades, festivals, and other events." -- Henry Hazlitt
Foundation (July 24, 2001) |
Contents
PRESIDENT'S CORNER
* The biggest assault on free markets in 70 years!
* Order LIBERTARIANISM IN ONE LESSON and get great free gift!
WHAT'S HAPPENING WITH THE ADVOCATES
* The 2009 Freedom Cruise
* Marshall Fritz health updates
GOOD NEWS, BAD NEWS, UNBELIEVABLE NEWS
* "Mad Bureaucrat" Disease
* Dollars and the Bailouts
* U.S. Sinks in World Economic Freedom Rankings
* Reefer Madness Record: Marijuana Arrests Hit All-Time High
QUICK SHOTS: Out of thin air; Platforms that nobody reads; The new
penny...
PERSUASION POWER POINT
#256
* How Can You Exert Un-do Influence?
by Michael Cloud
ASK DR. RUWART
* The Bailout: Questions and Answers
ONE-MINUTE
LIBERTY TIP
* The Free Market Didn't Fail
by Sharon Harris
PRODUCT REVIEW
* Buy the classic LIBERTARIANISM IN ONE LESSON -- and get 100 World's
Smallest Political Quiz cards FREE!
 |
President's
Corner |
Dear friend,
The biggest assault on free market ideas since the
1930s New Deal.
That's what we're facing with the current economic
crisis.
Overnight, decades of hard work building public
support for free markets has been threatened.
Enemies of economic liberty are gleefully using this
crisis to discredit free market ideas and ram through a Big Government
agenda.
We're hearing them everywhere. A few examples:
"Raw capitalism is dead." -- Henry Paulson, U.S. Treasury secretary, TIME magazine, September 18.
"The high priests of capitalism are in sackcloth and
ashes, their belief in markets shattered, their catechism of risk-taking
renounced. From Wall Street to Detroit, once-devout believers in
unfettered private enterprise are running from their religion. ...
Perhaps the pendulum is finally swinging back to a widespread
recognition that government has a role to play in regulating markets,
protecting consumers and providing a social safety net. ... The worship
of unfettered private enterprise has been exposed for what it is -- just
another cult." -- Cynthia Tucker, syndicated columnist and editor of the
opinion page of the Atlanta Journal-Constitution, the South's largest
newspaper.
"... The free market in finance, unregulated and
unsupervised, has failed." -- New York Times.
"[The idea that] the market knows best -- that era is
over. Market fundamentalism is taking a beating in policy circles and
the public mind." -- Lawrence Mishel, president of the Economic Policy Institute.
"This can bring about a turn toward a new era. If we
have the money to bail out Wall Street, we can provide funding for
health care, childhood poverty, infrastructure and sustainable energy."
-- avowed socialist U.S. Sen. Bernie Sanders, I-Vermont.
You and I know this is nonsense. The free market isn't
to blame. This mess was created by Big Government. And it won't be
solved by putting still more Big Government foxes in charge of the
henhouse.
But many in the public are listening. And believing.
And fearing free markets.
The world needs an articulate, persuasive and active
libertarian movement to defend and advance the cause of free markets and
economic liberty.
And that makes the work of the Advocates more vital
than ever.
The Advocates is the only libertarian organization
that specializes in helping libertarians become successful and
persuasive communicators of the ideas of freedom.
We will be working hard to help libertarians learn the
best ways to answer the false charges that the free market caused this
mess.
We will be providing libertarians with the facts, the
arguments, the rhetoric and the tools they need to convince their
friends, neighbors, community leaders and opinion shapers.
And we will help libertarians learn how to make their
voices heard in the coming battles over this issue.
You'll find some useful answers and arguments in this
issue of the Liberator Online. Look for more in the days ahead.
There is *good news* in this, too. Millions of
Americans are outraged by the bailout and the cries for Big Government
-- and they took action! They flooded Congress and the media with angry
letters, calls and emails.
Libertarians and free market economists hit the
airwaves and the opinion pages, too.
Large numbers of people instinctively realize this is
a problem caused by politicians. We just need to reach them with the
libertarian message of freedom and free markets.
The freedom movement is bigger than ever before. This
is a time for all of us to do all we can in spreading the ideas of
freedom -- and win more people to the side of liberty.
Thank you!
* * *
As I mentioned above, the free market desperately
needs defenders right now. The Advocates work has never been more
important.
Unfortunately, the crisis is hitting the Advocates
hard. At the very time our services are so badly needed, the economic
downturn is cutting into our donations.
If you can help with a donation now, it would be
greatly appreciated. We have some outstanding thank-you gifts for your
help during a time when some of our longtime supporters are having
difficulty giving as they would like.
Please make donations here:
https://www.theadvocates.org/donations.html
Thank you!
* * *
Welcome to 57 new Liberator Online subscribers this issue. Thanks for
joining our subscription "family" of almost 70,000 liberty-loving
readers in more than 100 countries!
To learn more about the Advocates and our work for liberty:
http://www.TheAdvocates.org
To learn more about libertarianism:
http://www.Libertarianism.com
-- Sharon Harris, President | Email: sharon@TheAdvocates.org
PS: Don't forget to check out our Product Review special!
We're offering David Bergland's acclaimed book LIBERTARIANISM IN ONE
LESSON, widely considered the best short-and-sweet introduction to
libertarianism ever
written. Essential libertarian reading and a wonderful gift for family
and friends!
PLUS: Order now, and we'll give you 100 FREE World's Smallest
Political Quiz cards -- so you can have *the greatest libertarian
outreach tool ever created* ready to use during this election season.
For more details or to place your order, click here:
http://www.theadvocates.org/liberator-online-special.html
Or see the Product Review at the end of this issue.
Your purchase supports the great work of the Advocates. Thank you!
---
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* THE TWELFTH ANNUAL FREEDOM CRUISE: Imagine awakening to a warm sun
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rave about them.) For photos and more details -- or to sign up for free,
no-commitment email updates -- visit:
http://www.freedomcruises.biz/CRUISE2009.html
*
MARSHALL FRITZ HEALTH UPDATE: Marshall Fritz -- the legendary and
beloved
founder of the Advocates for Self-Government, the father of the
world-famous
World's Smallest Political Quiz, and all-around amazing guy -- has been
diagnosed with terminal pancreatic cancer.
Doctors give him 6-20 months to live, with a 50-50 chance of living
one year. Marshall is facing this challenge with his characteristic
courage and good spirits.
You can read Marshall's thoughts and send him a message at:
www.MarshallFritz.com
******
 |
Good News,
Bad
News,
Unbelievable News |
by James W. Harris
"Mad Bureaucrat" Disease: USDA
Won't Allow 100% Testing of U.S. Cattle
The U.S. Dept. of Agriculture (USDA) has gone to
federal court to prevent a meatpacking company f rom testing, at its own
expense, all its cattle for Mad Cow Disease. And a federal appeals court
has backed the USDA.
Currently the USDA tests about 1% of cattle for Mad
Cow Disease. The disease is extremely rare -- only three infected cattle
have been discovered in the U.S, and there is no known case of a human
contracting the disease from U.S. cattle.
Still, Creekstone Farms, a small meatpacking company,
wants to test 100% of the cattle they process. The company, not
taxpayers, would pay for the tests.
Creekstone Farms feels some consumers would be willing
to pay extra for the knowledge that all its meat is tested -- especially
customers in Asian countries, where concern about the disease is higher.
Creekstone says it has lost millions of dollars in foreign sales since
the first case of Mad Cow disease was found in U.S. cattle in 2003.
Please note, Creekstone Farms is not making false
claims about the safety of their competitors' beef. They are merely
offering consumers the choice of 100% testing. Consumers would be free
to choose which they prefer.
But the USDA doesn't like that. It fears Creekstone
Farms' competitors -- politically-connected big meatpacking companies --
may feel pressure from consumers to increase their testing, which could
raise the price of beef (or cut into their profits).
As the small-government lobbying group Downsize DC
notes, by outlawing Creekstone Farm's plan, the USDA is:
* Preventing a private business from voluntarily
making its product safer than government standards -- in order to
protect Big Business.
* Preventing a safer product from entering the market.
* Denying Americans the opportunity to decide for themselves, in the
alleged "land of the free."
* Hurting American foreign trade.
Downsize DC aptly calls this: "Mad Bureaucrat Disease:
insane regulations that sacrifice freedom and the public good for the
interests of a few powerful corporate lobbyists."
Unfortunately, no one is protecting U.S. consumers
from that widespread and destructive malady.
(Source: Downsize DC
http://www.downsizedc.org/blog/mad+cow+or+mad+bureaucrat
USA Today
http://www.usatoday.com/money/industries/food/2008-08-29-mad-cow-testing_N.htm?loc=interstitialskip
)
Kansas City Star
http://www.kansascity.com/business/story/773941.html )
* * *
Dollars and the Bailouts
U.S. House members who voted Yes on the September 29
Wall Street bailout received 54 percent more money in campaign donations
from banks and securities than members who voted No.
So reports MAPLight.org, a non-partisan organization
whose mission is to "illuminate the co nnection between money and
politics."
"[O]ver the past five years, banks and securities
firms gave an average of $231,877 in campaign contributions to each
Representative voting in favor of the bailout, compared with an average
of $150,982 to each Representative voting against the bailout -- 54
percent more money given to those who voted Yes."
Democrats who voted Yes "received an average of
$212,700 each, about twice as much as those voting No, $107,993."
Republicans who voted Yes "received an average of $273,181 each, 50%
more than those voting No, $181,688."
Just a coincidence, no doubt.
(Source: MAPLight.org:
http://www.maplight.org/node/43109 )
* * *
U.S. Sinks in World Economic Freedom Rankings
Economic freedom, though on the rise around the world,
has significantly declined in the U.S. over the past several years.
That's the disturbing finding of the 2008 Economic
Freedom of the World Annual Report, a highly-regarded study of economic
freedom around the world prepared by a team of scholars coordinated by
the libertarian Cato Institute in conjunction with the Fraser Institute
of Canada.
In the 2000 report the U.S. was ranked the
second-freest economy.
This year, however, the U.S. has fallen to 8th
place, behind Hong Kong (ranked first), Singapore, New Zealand,
Switzerland, the United Kingdom, Chile, and Canada. Yes, the U.S. now
ranks behind Canada in overall economic freedom, even allowing for
Canada's socialized medical system.
According to the Cato Institute, "President Bush's
tenure has had a clear negative effect on economic freedom ratings."
Economic Freedom of the World ranks 141 countries on a
range of factors in five broad areas: 1) size of government; 2) legal
structure and security of property rights; 3) access to sound money; 4)
freedom to trade internationally; and 5) regulation of credit, labor and
business.
More significant than the U.S.'s drop in the rankings
is its fall in the amount of economic freedom measured: on a scale of
0-10, the U.S. fell from 8.55 in 2000 to 8.04, according to the Report.
Only five countries have experienced a greater decline over the same
time period: Zimbabwe, Argentina, Niger, Venezuela, and Guyana.
"The rule of law, government spending, and regulation
are the areas where the United States saw the most troubling declines in
its ratings this decade," observes Ian Vasquez, director of Cato's
Center for Global Liberty and Prosperity.
These ratings are for the year 2006, the most recent
year for which comprehensive data are available.
As it has in previous years, the Report found a strong
positive relationship between economic freedom and poverty reduction.
"Numerous studies have shown that countries with more
economic freedom grow more rapidly and achieve higher per-capita income
levels than those that are less free," notes the Report. "Nations in the
top quartile of economic freedom have an average per-capita GDP of
$31,480 in 2006, compared to $3,882 for those nations in the bottom
quartile in constant 2005 international dollars."
Where there are free markets, there is abundance.
Heavy government control of market activity reduces prosperity and
wreaks havoc.
Those scrambling to reshape the American economy would
do well to remember that.
(Source: Cato Institute
http://www.cato.org/pubs/efw/ )
* * *
Reefer Madness Record: Marijuana Arrests Hit All-Time
High
Unbelievable though it may seem, for the fifth year in
a row, marijuana arrests in the U.S. government have hit a record high.
Police arrested about 873,00 persons for marijuana
violations in 2006, according to just-released numbers from the Federal
Bureau of Investigation's annual Uniform Crime Report.

To fully understand the national insanity this number
represents, consider:
* This is the largest total number of annual arrests
for pot ever recorded by the FBI -- up from last year's record of
829,625 arrests.
* This is the fifth year in a row that marijuana
arrests have increased.
* This was a 5% increase from just the previous year.
* These marijuana arrests comprised nearly half of all
drug arrests in the United States.
* Almost all the marijuana arrests -- 775,000, or 89%
-- were for mere possession, not trafficking, cultivation, or sale.
* The other 11% of arrests were for
"sale/manufacture," a broad category that includes *all* cultivation
offenses -- even those where the marijuana was being grown for personal
or medical use.
* This record number of marijuana arrests far exceeded
the total number of arrests in the U.S. the same year for all violent
crimes combined, including murder, manslaughter, forcible rape, robbery
and aggravated assault.
* Nearly 10 million Americans have been arrested on
marijuana charges in the past ten years.
* Sometime in the next few weeks, U.S. law enforcement
officers will make the 20 millionth marijuana arrest in American
history.
* Marijuana arrests have almost tripled since the
early 1990s.
* At this rate there is a marijuana smoker arrested
every 38 seconds in America.
* The effects of an arrest can be devastating, notes
Paul Armentano of NORML: "Probation and mandatory drug testing; loss of
employment; loss of child custody; removal from subsidized housing;
asset forfeiture; loss of student aid; loss of voting privileges; loss
of adoption rights..." and of course, for some, time behind bars.
* The War on Marijuana is largely waged against young
Americans. Three out of four of those arrested were under age 30; one in
four were 18 or younger.
"Most Americans -- rightly -- would be outraged to
learn that our nation's so-called War on Drugs is really just an assault
on young adults caught with small bags of weed," notes NORML's Armentano.
(Sources: NORML:
http://www.alternet.org/story/98952/
Paul Armentano:
http://www.inthesetimes.com/article/3918/twenty_million_arrests_and_counting
)
* * * * *
QUICK SHOTS...
* "A REALLY LARGE NUMBER": Here's a stunner. Where did
the U.S. Treasury
figure get the $700 billion figure they demanded for
the bailout? Forbes magazine wondered, too, so they asked. Turns out the
Treasury... made it up. "It's not based on any particular data point," a
Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose
a really large number."
http://www.forbes.com/businessinthebeltway/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html
* WELL, NOBODY REALLY READS THOSE THINGS ANYWAY: "We
do not support government bailouts of private institutions. Government
interference in the markets exacerbates problems in the marketplace and
causes the free market to take longer to correct itself." -- Republican
Party Platform, adopted September 1, 2008.
http://www.gop.com/2008Platform/Economy.htm
* THE NEW PENNY: "The U.S. Mint announced this week
they are redesigning the penny. Have you seen it? It looks exactly like
the old dollar." -- Jay Leno, The Tonight Show, Sept. 26.
* * * * * * * *
"Good News, Bad News, Unbelievable News" is written by Liberator Online
editor James W. Harris. His articles have appeared in numerous magazines
and newspapers, and he has been a Finalist for the Mencken Award, given
by the Free Press Association for "Outstanding Journalism in Support of
Liberty."
 |
Persuasion Power
Point
#256 |
by Michael Cloud
How Can You Exert Un-do Influence?
Sometimes you fail to persuade because of what you
fail to do.
Other times you fail to persuade because of what you
fail to un-do.

Persuasion requires NOT just adding what works.
It also depends on subtracting what does not work.
You can easily and quickly become far more effective
at persuading others by getting rid of a handful of things that do not
work.
You can exert un-do influence.
How do you find out what you're doing that does not
work?
1. Ask the people closest to you. But you need to ask
the right way. If you ask your family and friends what you say that does
NOT change their minds, they probably can't tell you. They probably
don't know what does not work. But they can give you the information you
want -- if you ask slightly different questions. If you ask the right
questions.
2. Ask them what they dislike about conversations with
you. Ask them what you do and say that they wish you wouldn't.
Here are a few questions that will help you quickly
unearth things you need to stop doing:
* "When we discuss politics, what do I say or do that
irritates you?"
* "When we talk about government, what do I say or do
that frustrates you?"
* "What do I do or say that gets under your skin?
Maybe a phrase I use or a habit I have?"
* "What do I say or do that makes you think, 'I wish
he's stop that!'?"
* "During our political conversations, what do I say
or do that bugs you? Tees you off? Makes you see red? Makes your stomach
turn?"
You can prompt him or her to recognize things you
don't want to do by suggesting possible flaws:
* "Do I repeat myself? Do you find yourself thinking
'That's the third time he said that!'?"
* "Do I raise my voice? Do I drone on?"
* "Do I interrupt you? Do I barge in before you're
done making your point?"
* "Do you feel pressured to talk about things you
don't want to talk about?"
* "Am I argumentative with you? Is it with all
political topics -- or just some? Which ones?"
* "Do I make you feel bad when we talk politics? Can
you remember what I was saying just before you started feeling bad?"
3. Thank your friend for leveling with you. For
helping you out.
4. Try a persuasion experiment. Un-do these things
that do not work during your next 12 political conversations. How are
your results different from before? Are they better? Worse? Or just
different?
These small changes can make a big difference in your
conversations. In your life.
When you commit to exerting un-do influence.
* * * * * * * *
Michael Cloud is author of the acclaimed book "Secrets of Libertarian
Persuasion" available exclusively from the Advocates:
http://www.TheAdvocates.org/secrets.html.
In 2000, Michael was honored with the Thomas Paine Award as the Most
Persuasive Libertarian Communicator in America.
---
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 |
Ask
Dr.
Ruwart |
Dr. Mary Ruwart is a leading expert in libertarian communication. In
this column she offers short answers to real questions about
libertarianism. To submit questions to Dr. Ruwart, see end of column.
* * *
The Bailout: Questions and Answers
QUESTION: What is the libertarian position on the
bailouts?
MY SHORT ANSWER: Most libertarians do not support
bailouts, which force hard-working Americans to subsidize failing
businesses, either through taxation or inflation. The current bailout
proposals will cost every man, woman, and child in the U.S. about $3,000
apiece, and perhaps far more. What effect will losing this much buying
power have on your family?
Such bailouts only encourage further mismanagement of
funds and siphon money away from efficient businesses, causing layoffs
in the latter. Thus, in addition to several thousand dollars in lost
buying power, bailouts can actually cost you your job!
QUESTION: What would happen if the government didn't
take these actions?
MY SHORT ANSWER: If the government didn't bail out the
failing banks and mortgage companies, their stocks would take a
nosedive. The stockholders and employees of these firms, not the
American people as a whole, would suffer the ill effects of their poor
lending practices.
However, other lending institutions would learn that
making bad loans or investments to boost profits temporarily could lead
to a permanent loss of their livelihood. Stockholders and fund managers
would avoid risky companies in the future and monitor management
decisions more closely. Consequently, letting the failing institutions
of today bear the responsibility for their poor judgment is likely to
prevent additional failures tomorrow.
QUESTION: How would it be different in a libertarian
society?
MY SHORT ANSWER: A libertarian society wouldn't have a
central bank like the Federal Reserve that artificially lowers interest
rates and reserves, encouraging banks and mortgage companies to lend
unwisely. If a company went bankrupt because it lent indiscriminately, a
libertarian government would let it fail, rather than take money and
jobs away from innocent people.
Today, investors play the stock market like a roulette
wheel. They own the company, but are not held liable if it fails to pay
its creditors. In times and places where owners have had to underwrite
management decisions, they watched management closely so that banks and
lending agencies rarely failed. When they did, competing businesses
often assumed the debt of the bankrupt company to keep up consumer
confidence.
For more detail on how banking and mortgage crises are
created by central banks like the Fed and alleviated by a marketplace
free from government interference, see Chapter 9 in my book, "Healing
Our World." The 1992 version is available as a free download at
www.ruwart.com ; the updated 2003 edition is available there or from The
Advocates.
* * * * * * * *
Got questions? Dr. Ruwart has answers! If you'd like answers to YOUR
"tough questions" on libertarian issues, email Dr. Ruwart at:
ruwart@theAdvocates.org
Due to volume, Dr. Ruwart can't personally acknowledge all emails.
But we'll run the best questions and answers in upcoming issues.
Dr. Ruwart's previous Liberator Online answers are archived in
searchable form at:
http://www.TheAdvocates.org/ruwart/categories_list.php
Dr. Ruwart's outstanding books "Healing Our World" and "Short Answers
to the Tough Questions" are available from the Advocates:
http://www.TheAdvocates.org/Merchant2/merchant.mv
 |
One-Minute
Liberty
Tip |
The Free Market Didn't Fail
by Sharon Harris
(Note: This "one-minute" tip will take a bit longer
than a minute to read. Please pardon the extra length. I wanted to offer
answers to several of the concerns that defenders of the market are
currently facing. Thank you!)
The questions we're all hearing right now go something like this:
"Isn't the current economic crisis a failure of the
free market? Doesn't it show the need f or additional regulation and
government control?"
The answer: Not at all. The crisis has absolutely nothing to do with the
free market. In fact, the opposite is true. This crisis was *created* by
massive government regulation and government interference with the
market. The government actually over-rode the market, and removed the
protections the market normally provides.
First, let's define a free market. A free market is one in which people
are free to do as they wish, with their own money and property, as long
as they don't engage in force or fraud.
Does that sound like our financial industry? Hardly. The banking,
mortgage and finance areas of our economy have been heavily regulated
and controlled by the government for many decades. We have no free
market in these areas.
Fannie Mae and Freddie Mac, the huge mortgage companies at the center of
this problem, are not in any way free market institutions. They are
quasi-private institutions granted extraordinary special privileges by
the government. They operated for decades with the widespread
understanding that, if they failed, they would be bailed out by
Congress, using tax dollars.
That doesn't sound like a "free market," does it? One of the chief
protections the market offers against the build-up of bad loans is that
lenders know they will suffer or go out of business if they make too
many of them. Congress removed that crucial constraint.
Further, in the 1990s Congress added enormous incentives and pressure
for companies to make risky loans. Congress drastically eased lending
requirements for Freddie and Fannie, to encourage them to make loans to
poor areas. Congress also began to crack down on banks that did not make
"enough" loans, even questionable loans, to distressed areas.
Some of this was a well-intentioned, though badly misguided, effort to
help the less fortunate purchase homes.
However, much of this was also due to pressure and bribery by some in
the banking, homebuilding and real-estate professions, who wanted such
legislation to make themselves wealthy.
For example, Fannie and Freddie engaged in vast lobbying efforts to
loosen common-sense restraints for making risky loans. Fannie and
Freddie spent over $200 million dollars on lobbying, political
activities, and donations to candidates between 1989 and 2008. They
actively campaigned against politicians who resisted legislation they
wanted.
Is that part of a "free market"? No, it is the opposite. It's a classic
example of "crony capitalism" or state capitalism: big business buying
favors from government, getting legislation passed that interfered with
the market at the expense of the rest of us.
All of this happened during a time when the Federal Reserve System
greatly expanded the money supply, making credit easily available for
questionable loans and encouraging speculation. The Fed, we need hardly
say, is not a creation of the free market. It is a tool of the
government, and constantly subject to political manipulation.
Further complicating matters, home prices were rising especially fast in
parts of the country where zoning regulations -- another creation of
government -- limited the supply of houses and thus artificially
increased the price of existing homes. This further fueled housing
speculation.
The result of all this massive government intervention was the explosion
of high-risk, questionable loans and other expenditures that brought us
to the mess we see today. Millions of Americans bought homes they
couldn't afford; Wall Street sank billions of dollars into bad
investments.
Clearly, this had nothing whatsoever to do with the free market. It was
caused by far too much, not too little, government interference in the
market.
In a genuine free market, lenders would exercise caution, because they
would quickly go out of business if they made too many poor loans. The
frenzy we saw in the past few years would not occur.
A free market is the best protection society has against such a
destructive build-up of bad investments.
The answer is not more regulation. It was regulation that made this mess
possible. And any new regulation will be written by politicians under
the influence of the very corporations being regulated.
The answer is the ending of the disastrous and destructive government
interference in the finance industry, and the creation of a genuine free
market.
LEARN MORE: A excellent longer article to share with those who are
unconvinced, and one from which I drew some information for this column,
is "An Open Letter to my Friends on the Left," by economist Steven
Horwitz:
http://myslu.stlawu.edu/~shorwitz/open_letter.htm
See more One-Minute Liberty Tips!
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