The Greatness of the Market in a Crisis
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. FULL ARTICLE
Comments (7)
F L Light
The market, exercising no pretense
Of government, will govern our events.
Published: July 18, 2008 11:23 AM
F L Light
Possessing the exuberance of peace,
Ungoverned markets govern our increase.
Published: July 18, 2008 11:28 AM
F L Light
Freedom determines fluency in all
Transactions, with expedients optional.
Published: July 18, 2008 11:42 AM
KO
Lew,
Excellent article. I wish more Americans would share the simple understanding that the markets work best without any government intervention.
Published: July 18, 2008 1:03 PM
Larry N. Martin
F L Light, the modern Lao-Tzu or political Daoist.
Published: July 18, 2008 2:25 PM
F L Light
In the last three years, Mr. Martin, I have composed about 35000 aphoristic couplets, and next month The Little Code of Laissez-faire, about 1450 couplets, will be offered on Amazon and the other major sellers.
Nature in sovereign populations needs
No central nous to correlate the deeds.
Published: July 18, 2008 3:16 PM
Thomas
It is true that the market can react to changes better than any government organization, but I would like to see at least passing mention that government actions have caused the situations that the markets are reacting to. The fact that the Bush tax cuts, which acted as a magnet for foreign investment (and domestic investment for that matter) are due to expire has caused dumping of the dollar and the subsequent Fed attempts to soften the blow. There is real damage to real people that is done by zigzagging fiscal and monetary policy.
Published: July 19, 2008 9:02 AM