That said, I would say that the nationalization of the banking and financial industries could be potentially more damaging than, say, the nationalization of parks, roads, mail delivery service, liquor sales, arts, broadcasting and others. At least with the last ones the effects can perhaps be isolated and not as devastating to the economy. When you eliminate what little freedom is left in the banking industry, and to that you add controls on the quality and quantity of money and interest rates, the effects are in my opinion much worse and widespread.
I think that going from Stephan’s 63% to 67% is not necessarily the same as going from 13% to 17%.
11:10 am on March 30, 2009
