Thursday, December 18, 2008

Promoting bad ideology

Lew Rockwell:

The most recent financial meltdown [...] has unleashed a fury of socialistic blather and Keynesian central-planning mythology.

We have politicians and central bankers telling us that more paper money and bank nationalization will save us. Others say that capitalism has completely failed so we need to try socialism.

You would swear that these people were born yesterday, had never read a lick of history, and were wholly ignorant of economic logic. All of that is probably true. But here is what people don't entirely understand: it is in the interest of our rulers to promote bad ideology.

Who wins from bailouts, regulations, and inflation? It's not the middle class, taxpayers, or the businesses we know and love. It is the state, the bureaucrats, the megabankers, and the entire crew of connected interest groups who live at our expense.

This is the real basis of socialism and Keynesianism: ideologies that benefit the elites at the expense of everyone else.

In other news, I just found hours upon hours of lectures on economics, liberty, and history just waiting for me at Time to load up the mp3 player!

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