About This Blog

Ludwig von Mises (1881-1973) was the greatest economist of my time. His greatest works can be accessed here at no charge.

Mises believed that property, freedom and peace are and should be the hallmarks of a satisfying and prosperous society. I agree. Mises proved beyond a shadow of a doubt that the prospect for general and individual prosperity is maximized, indeed, is only possible, if the principle of private property reigns supreme. What's yours is yours. What's mine is mine. When the line between yours and mine is smudged, the door to conflict opens. Without freedom (individual liberty of action) the principle of private property is neutered and the free market, which is the child of property and freedom and the mother of prosperity and satisfaction, cannot exist. Peace is the goal of a prosperous and satisfying society of free individuals, not peace which is purchased by submission to the enemies of property and freedom, but peace which results from the unyielding defense of these principles against all who challenge them.

In this blog I measure American society against the metrics of property, freedom and peace.

Monday, August 8, 2011

Managing The Economy Easier Said Than Done

Through the Drudge Report we get this: "Fed forced to consider fresh stimulus." The article outlines four or five possible courses of action that the Fed could take to "do something" to improve the economy.

I'm not going to take the time to go over each "something." Suffice it to say that any "something" the Fed does will only create another set of circumstances that requires it to do another "something" and another and another.

Economic theory and practice proves that a free market which is unhampered, i.e., free from any kind of governmental intervention whatsoever, most efficiently satisfies the desires of the consumer. The problem is that an unhampered free market does not produce success stories only. The process of serving the consumer takes it toll on producers that are not up to par. Thus, failure as well as success is the mark of an unhampered free market. And the problem with failure is that many self-important entrepreneurs do not suffer failure well. In fact, they don't accept it. They will bribe, cheat and steal in order to avoid failure. And plenty self-serving politicians are eager to accommodate them.

It's time the Fed and the federal government take their hands completely off of the economy. Allow the market to work...unhampered. Allow entrepreneurs to experience fantastic success and abject failure. As a consequence, consumers will be best served and prosperity will return to all Americans willing to pursue it.

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