Anthony’s post reveals the irony of the message given us by the political classes and their media allies. The message is that businesses are “short-sighted” and don’t think in the long-term. (Witness the attacks on auto company executives during the recent congressional show trials in which the politicians excoriated the executives for their lack of imagination, yada, yada, yada.) Yet, the Keynesian nonsense to which the political classes subscribe in lockstep is notorious for its “spend now, now, now” philosophy and its trashing of savings and savers. The most short-sighted people in the world are those of the political classes, … Continue reading The Political Classes and High Time Preference