Crises: Garrett speaks
Garet Garrett's "Pensions for Capital" (Insatiable Government, pp 210-1) provides a great insight into these times. While discussing the financial condition of the nation's railroads in 1950, Garrett noted, "This meant that the faster it sloughed off dead and dying capital the faster it could go forward -- provided always that the dynamic principles by which capitalism endlessly renewed itself were preserved."
We've been here before, and the correct advice hasn't changed. Neither has the political response.
