I feel a sense of obligation to my successor to make sure there is not a, you know, a huge economic crisis. Look, we're in a crisis now. I mean, we're in a huge recession, but I don't want to make it even worse and on the other hand, I'm mindful of not putting good money after bad so we're working through some options.
I've abandoned free market principles to save the free market system. I think when people review what has taken place in the last six months and put it all in one package, they'll realize how significantly we have moved.
I'm almost at a loss for words. First off, anyone who describes our existing system as a free market system is fooling themselves. I know, I know... "this is the most free market system in the world." Well, perhaps. I really don't know how we could objectively go about measuring that.
But,
a system where a central bank can manipulate interest rates by means of fiat currency is not free market;
a system where legislators can manipulate investment decisions by providing tax subsidies is not a free market;
a system where legislators can modify tax policies on income, consumption and imports which are de facto subsidies to other activities is not a free market;
a system where private property is only protected when it is convenient as the judiciary has ruled that the government has almost complete authority in eminent domain is not a free market;
a system where the executive branch is asleep at the wheel by not enforcing regulations - despite the inherent validity of the regulations - is not a free market.
This is not a free market system. I'm not calling it socialism. I'm not exactly calling it fascism or corporatism. But, central planning is a key component of our system.
The free market is not failing. Our hybrid system which uses central planning to intervene in the free market based on the whims of Washington is failing.
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