An article in Forbes yesterday by Bob McTeer was indicative of the current crises of economic thought. Libertarians have not had much of a voice and seem to have lost influence through misperception. Without any non-radical messianic leaders like Milton Friedman and Friedrich Hayek, there is no one to provide a touchstone to Free Market ideals and how far we actually have come.
http://www.forbes.com/2008/10/10/libertarian-federal-reserve-oped-cx_bm_1010mcteer.html
My response:
While I enjoy the joke on Objectivists, I have to cordially disagree in principle as to how Free Market Economists would handle the current situation, which was exacerbated by Keynesian/interventionist policies to begin with. Fear of the unknown (being in the foxhole as it were) does drive those of little faith to grasp at straws in crisis.
If we had economists who understood and believed as strongly as Friedman or Hayek today, we would have real solutions rather than panic induced money throwing (ritual sacrifice?).
True Free Markets are much more resilient and more quickly corrective than any Central Planning measures. Isn't the fact that Warren Buffet, Citi, Wells Fargo and others are buying up devalued assets indicate economic Darwinism is already happening? Two of the Big Three automakers finally merging to get more competitive?
Search your doubting libertarian soul, buying up the Commanding Heights isn't the best solution.
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