The lessons from Ludwig von Mises continue to resonate as Congress completes “negotiation” for its latest heist. Mises emphatically noted again and again that socialism fails because the players cannot engage in correct economic calculation. So, what do we see here? We see “negotiators” from Congress and the executive branch “negotiating” over things that none of them own. None of them had a true economic stake in the financial system, so they could direct money toward those things which provided the greatest political benefits to themselves. In 2003, it became painfully obvious that Fannie and Freddie were headed for a … Continue reading Socialist Finance and Economic Calculation