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News Link • Economy - Economics USA

Regulating Capitalism is Superfluous and Counterproductive


[Ed. Note: The following article written by Ed Bugos is Part 1 of 2 in response to Max Keiser and Jason Hamlin]

"This is not a time of radical, revolutionary politics. Not yet. Unrest, riot, dissent, and chaos notwithstanding, today's politics is reactionary. Both Left and Right are reactionary and authoritarian. That is to say, both are political. They seek only to revise current methods of acquiring and wielding political power. Radical and revolutionary movements seek not to revise but to revoke. The target of revocation should be obvious. The target is politics itself" -Playboy, March 1969


This is where I think we are.  People are rejecting the “political means” altogether.  They just don’t know it yet.  They’re still vested in their ill-informed fantasies of the state.  Statist fundamentalists are reacting by saying things like, ‘the market will not dictate government policy!’  Libertarians too, especially those on the ‘old right’, continue to cling to the night watchman theory of the state, and refuse to see how the night watchman became a prison warden, and how it can be no other way.

This is, of course, in response to a response of Jeff Berwick’s appearance on the Max Keiser show where Jeff challenged Max on the necessity of having the government play referee.  Soon after, Jason Hamlin chimed in on Max’s side with this article.Subsequently, as the argument went viral, Jeff was then defended by Stefan Molyneux, one of the premier thought leaders on the philosophy of freedom, in his excellent couchside chat video, which you can see here.

Obviously this issue has hit a chord.  While the debate of the 1900s was mostly left-statist versus right-statist, we are now boiling it down to minarchists (minimal anarchists) to anarchists (no state). For me, reading Max Keiser’s initial response to Jeff’s article ("Does the Economy Need a Referee") was irritating.  How in the world could Max Keiser call Jeff a birdbrain when Max himself hails the teachings of Adam Smith as the father of all economics when so much has happened since Smith, and so much has been discovered about Smith to easily dispel such myths.


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