“Touching back on Sanders’s indictment of Wall Street regarding the financial crises, perhaps no entity is more responsible for “rigging” the economy than the Federal Reserve — which not only enabled much of Wall Street’s reckless borrowing in the lead up to the crisis, but actively sought to inflate the stock market (at the expense of risk-averse savers) following it…

…While, to his credit, Sanders has supported the full audit of the Federal Reserve long advocated for by Ron Paul, he has fully advocated for the Fed to double down on these very same policies. In fact, almost every example the left points to regarding a “rigged economy” can be directly linked to the State. Be it Pharma Bro and the broken pharmaceutical industry, or the cost of healthcare in America, or the burden of student loans being felt by Millennials across the country, the market is blamed for the sins of government. Capitalism is demonized for the evils of interventionism.

As Ludwig von Mises wrote in Human Action:

[Advocates of government intervention] blame the market economy for the consequences of the very anticapitalistic policies which they themselves advocate as necessary and beneficial reforms. They fix on the market economy the responsibility for the inevitable failure and frustration of interventionism.

Unfortunately this anti-capitalist mentality continues to dominate politics today. Until that changes, politicians like Sanders will continue to find success demonizing a rigged economy they bear personal responsibility for creating.” Excerpt from The Mises Institute, March 9, 2016

Posted on March 10, 2016, in Postings. Bookmark the permalink. Leave a comment.

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