Isn’t it funny how surprised we all are when markets work?
I know we have a lot of hardcore lefties that know exactly what they want when they criticize capitalism, but I think that the average Joe cynicism towards markets is understandable.
To trust Markets is to trust chaos in a way. Is to say that all things considered, the best outcome happens if you just leave things alone. It is also scary because when things don’t turn out the way you want, there is no one specific person to blame.
I was reading the other day the list of all new ‘Czars’ Obama has appointed. This is the other side of the coin. It is easy to understand why liberals love big government. You find someone who is supposedly good at something, and let him decide everything for you. Why not?
Then of course, throughout history people are usually surprised when big governments turn dictatorial. It is almost like that old saying about the difference between insanity and genius. Government power is as slippery as a slope can be.
I just read about a new book that is called “This Time is Different”. What a great title… Throughout this last crisis, this was the spirit of all the panic and gloom and doom. It doesn’t matter that we have gone through many kinds of crisis and problems, including two world wars and the brink of nuclear conflict. Every time any downturn happens people try to convince you that we have hit “the big one”.
You put together this love for drama and the natural difficulty in understanding markets, and my question is: How in the world did the US kept Capitalism for so long?
Good Old Milton knew this well…