Wednesday, February 25, 2009

Avoiding the End of The World

February 24th, 2009 11:53 pm | Belmont Club

A tax revolt is good to the the extent that it militates against the ponderous central planning approach to managing the crisis. But to the degree that it encourages another, albeit alternate version of the big fix it may lead to equally bad consequences. The alternative to a bad Five Year Plan is not another Five Year Plan. It is something else. In reality the system will have to find its own new equilibrium. Capitalism is the economy’s reconnaissance in force into the uncharted economic future. The reason capitalism works is that it can try different things. Unlike government, it is not obliged to do one Awesome Thing. As we venture into the unknown some businesses won’t come back. Others will, with news of a new and boundless vistas. But we have to let them go out. We can’t strike out in a central direction determined by bones cast upon a shaman’s cape. It could lead us to the promised land, or out into the desert.

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