Friday, July 09, 2010

The Modern State Destroys

“…there is scarcely a field of endeavor in which the modern centralized state has come close to achieving the avowed purpose of a major initiative without also bringing into existence destructive, usually unanticipated, side effects. Welfare, urban renewal, and macroeconomic policies are only the most visible of a long list of unacknowledged disasters. Even the Federal Reserve System, now two-thirds of a century old and almost without fundamental challenge as to its powers, has failed utterly to achieve its basic purpose. It was supposed to ensure monetary stability, but its establishment was followed by a period of instability greater than any since the Civil War and possibly than any period of American history after the Revolution. Planned economies, far from being efficient, are notable for their inability to match supply and demad with anything like the effectiveness of the free market system.” (Herbert Schlossberg, Idols for Destruction, p. 123).

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