Why not let the markets set prices?
- added April 27, 2008
- 3 responses
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- Hawkmang
- added this
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~Peter Schiff, President of Europacific Capital and author of Crashproof: How to Profit From the Coming Economic Collapse
Excerpt from "Why Not Let the Markets Set Prices?", 4/25/2008
http://www.europac.net
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In his latest weekly commentary, Peter Schiff explains how the U.S. government's and the Federal Reserve's manipulation of the markets has had a detrimental effect on the economy. He specifically points out how they have contributed to the subprime mortgage mess, the food and energy crisis and "pushed college tuitions up to the stratosphere."
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Contrary to popular belief, Democrats are for capitalism. I am all for capitalism. Capitalism demands free markets. Monopolies like AT&T and oligopolies like the oil companies subvert a free market. That is not a free trade system, that is a controlled market system.
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you have my complete agreement, but the flame wars from the "average" person on this site will singe your tail feathers.... they only believe in the "visible hand" of government to "do things right".... despite some evidence to the contrary... :)))))
why? one explanation: http://www.plusaf.com/falklaws.htm#40th
oh, and btw.. here's a prime quote from your excellent linked source...
"Similarly, analysts are blaming $120 oil on the hidden machinations of greedy speculators. They buttress these claims by noting that absent a bona fide oil shortage, current prices are not justified by fundamentals. This overlooks that while there is no shortage, there is also no surplus. The market is in perfect equilibrium at today’s price, and recent spikes merely reflect the substantial increase in global money supply. If today’s prices really were artificially high, like house prices, they would be a glut of oil in storage facilities while users, priced out of an inflated market, cut back on their consumption (This is precisely what is happening in the real estate market)."
duh! no kidding! but will "they" believe it... nfw. [see Falk's 40th Law again...] :)
@JohnA... correct, but please acknowledge that it's the GOVERNMENTS that don't allow "free markets".... they don't have as much income, power and control [follow the money] in a free market environment. that's why they never let that really happen.
and then, of course, there are the populists and anti-bigness folks' religious fanatics, too... and they vote.
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I totally agree. I agree with Chuck Schumer, it's time for some good old fashioned trust busting. We have anti-trust laws, why don't we use them?
