A Quote by Henry Paulson
There is no way to stabilize the markets other than through government intervention.
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In any socialist government, they must destroy all alliances other than your alliance to the government, and they want the government to become your God. That for you to totally depend upon government. So we become slaves to government, through taxation, through regulation, through all kinds of restrictions, that makes us not free anymore.
The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come.
While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.
If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.
Let's face a historical truth: we have never had a "free market", we have always had government intervention in the economy, and indeed that intervention has been welcomed by the captains of finance and industry. They had no quarrel with "big government" when it served their needs.
Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.
The Seoul city government has been cooperating with the central government to stabilize the housing market, and we plan to brainstorm all possible ways with the government to better counter the issue.
Government isn't there just to administer life support to failing markets. Without the government, many of those markets would not even exist.
There are markets extending from Mali, Indonesia, way outside the purview of any one government which operated under civil laws, so contracts weren't, except on trust. So they have this free market ideology the moment they have markets operating outside the purview of the states, as prior to that markets had really mainly existed as a side effect of military operations.
In a world dependent on international trade and commerce, and staggering under a heavy load of international debt, no policy is more destructive than protectionism. It cuts off markets, eliminates trade, causes unemployment in the export industries all over the world, depresses the prices of export commodities, especially farm products of the United States. It is the crowning folly of government intervention.
I started out by viewing the marketplace as a cruel place, where you need intervention by government and lawyers to protect people. But after watching the regulators work, I have come to believe that markets are magical and the best protectors of the consumer. It is my job to explain the beauties of the free market.
You need a government that believes in government. It also believes in markets and wants to give markets the best, the greatest opportunity, but is trying to govern well.
I think the Scandinavian health systems are better when it comes to preventative care than the German system, because in the Scandinavian systems, the government is really more active in defining treatment, goals and defining health priorities. The German system is a competitive system with little government intervention. The price for this is that the government cannot set a health agenda. And the Scandinavian systems have little competition, so you often do have waiting lists. But on the other hand, you then have the government which can push for prevention.
People now know of the word intervention and think they understand what it means, but more often than not they go about intervening the wrong way. I see people staging things on their own. But discussing the nature of somebody's condition over breakfast isn't an intervention.
That is the trick of good government. To make folk desire to live in such a way that there is no need for its intervention.
The idea that the largest banks in the world would simultaneously fail, need government support, government guarantees, and/or government intervention to survive was not in my range of realistic scenarios.
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