Thursday, September 18, 2008

Too big to fail?

"They're too big to fail"
"The economy needs more liquidity"
"If we don't intervene, the market will crash"

F. A. Hayek takes a close look at the positions of those defending the egregious actions of the federal government over the last several months:

That principle that the end justifies the means in individualist ethics is regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule; there is literally nothing which the consistent collectivist must not be prepared to do if it serves “the good of the whole,” because the “good of the whole” is to him the only criterion of what ought to be done. The raison d’├ętat, in which collectivist ethics has found its most explicit formulations, knows no other limit than that set by expediency—the suitability of the particular act for the end in view. And what the raison d’├ętat affirms with respect to the relations between different countries applies equally to the relations between individuals within the collectivist state. There can be no limit to what its citizen must be prepared to do, no act which his conscience must prevent him from committing, if it is necessary for an end which the community has set itself or which his superiors order him to achieve.

So far, it's just money (via taxes and inflation) that we citizens are being called upon to commit, in order to do the bidding of our superiors. How about tomorrow?

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