A Quote by Paul Craig Roberts
There are no free financial markets in America or, for that matter, anywhere in the Western word, and few, if any, free markets of any other kind.
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I'd like to talk about free markets. Information in the computer age is the last genuine free market left on earth except those free markets where indigenous people are still surviving. And that's basically becoming limited.
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.
It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
I like Ronald Reagan, who didn't play crass politics, and he just articulated and delivered on broad themes that were needed. Free markets meant free markets. Deregulation. Lower tax rates. Strong national defense. And he was credible and believable.
The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.
The Jacksonians were libertarians, plain and simple. Their program and ideology were libertarian; they strongly favored free enterprise and free markets, but they just as strongly opposed special subsidies and monopoly privileges conveyed by government to business or to any other group.
In the United States, the government is bailing out banks, intervening in the economy, yet in Latin America, the Right continues to talk about 'free markets.' It's totally outdated; they don't have arguments; they don't have any sense.
One of the reasons why we can make a lot of money in equity markets is because they're auction-driven, and auction-driven markets are very different from almost any other kind of market.
These people say free markets are the way to go, but wink, wink, the markets aren't really free. They're just a protectionist racket, and we have to pay for it all on every level. It's really quite extraordinary, and immoral, and illegal. These things need to be named, and shamed, and outed, and mocked, and prosecuted.
In the States, I think, the syllogism goes like this: 'free markets solve all problems. Free markets aren't solving global warming, QED global warming is not a problem'. It's not a very good syllogism but it's emotionally comforting if you're in that world.
It's a familiar truism that at any one moment, financial markets are dominated by either fear or greed. But the healthiest markets are those that are animated by both fear and greed at the same time.
Ultimately savings have to go somewhere and I think they will find their home in financial markets and within financial markets, a large part in equity.
America, the land of the free, is turning itself into the land of the free ride. [U.S. airlines] are operating in protected markets. They are hoovering up public funds and they still can't make a profit.
The single most significant change has been the globalization of labor markets. Product markets - trade in goods - have been globalizing for years. But now, with the reduction in communication expenses and the building of all sorts of IT infrastructure, essentially any job can be done almost anywhere.
There's been a dichotomy in the world financial markets over the last 30 years between the developed markets and the developing markets. Brazil, for example, always had to pay a lot more in interest to borrow money than governments in developed nations.
If you believe in free markets, I don't want to make any compromise with my principles and I think that's the right policy for Canadians and for Canadian consumers.
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