"So you think that money is the root of all evil?" said Francisco d'Aconia. "Have you ever asked what is the root of money?

Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce.

Is this what you consider evil?

-- Francisco d'Aconia, from Atlas Shrugged by Ayn Rand

onsdag 31. desember 2008

Godt nyttår

lørdag 27. desember 2008

Statlig hjelpetiltak

Ord blir fattige, en tegning sier som kjent mer enn tusen ord.


Det aller verste ved denne "krisen" er alt sludderet som kommer fra dem som later som om de er kapitalister, eller i de minste konservative. Bush, Sarkozy og herhjemme det samlede Høire har stått i kø for å gi skylden til krisen som blandingsøkonomien har skapt på kapitalismen.

Consider the current crisis. The causes are complex, but the driving force is clearly government intervention: the Fed keeping interest rates below the rate of inflation, thus encouraging people to borrow and providing the impetus for a housing bubble; the Community Reinvestment Act, which forces banks to lend money to low-income and poor-credit households; the creation of Fannie Mae and Freddie Mac with government-guaranteed debt leading to artificially low mortgage rates and the illusion that the financial instruments created by bundling them are low risk; government-licensed rating agencies, which gave AAA ratings to mortgage-backed securities, creating a false sense of confidence; deposit insurance and the “too big to fail” doctrine, whose bailout promises have created huge distortions in incentives and risk-taking throughout the financial system; and so on. In the face of this long list, who can say with a straight face that the housing and financial markets were frontiers of “cowboy capitalism”?

This is just the latest example of a pattern that has been going on since the rise of capitalism: capitalism is blamed for the ills of government intervention--and then even more government intervention is proposed as the cure. [Emphasis added]