“It is only the massive regulatory structure of Washington plus central banking, fiscal strategy etc. that gives Wall Street and other major financial centers their clout. A really free market would soon strip away their seemingly extraordinary power.” Daily Bell
This quote does not fit with most people’s diagnosis of what is wrong. Most of Washington and the populace believe that too little regulation caused the problem. True free marketeers, including Austrian economists, understand that regulation and other government interventions are the source rather than the cure of the problem.
The Daily Bell, where the above quote appeared, deals with this issue quite nicely. In their opinion, Wall Street is powerful because of government, not despite government. In a truly free market, Wall Street would become insignificant.
Their take is refreshing. Whether you agree or disagree, you should read the article. It is a reasoned opinion that reflects a true free market perspective, one that few are capable of expressing properly. Too many look for personalities or institutions that can be scapegoated.
The article ends rather ominously, yet, its conclusion seems to fit with what is happening here and around the world:
Conclusion: We think the power elite is struggling. We write about this regularly. The Internet has proved a terrible challenge. And partially as a result, the elite’s faux-monetary system is compromised; its promotions, generally, are weakening; and people around the world are waking up. In a recent media interview with Russia Today, the insightful, free-market analyst Gerald Celente said much the same thing. He said a revolution (hopefully a civil one) was brewing, and that these are still, in fact, early days. The whole intricate elite program of the 20th century was collapsing, he indicated. We wish more would voice similar opinions.
