Progressives claim that perhaps individual freedom might be appropriate for a simpler society but that as society grows more complex, the need for government grows. As Leonard Read pointed out, however, greater complexity requires greater freedom, not less.
Original Article: The More Complex the Society, The Less Government Control We Need
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It’s Time to Bust the Myth of Fed Omnipotence
2023-12-01
Economists, investors, businesspeople, and yes, even our wise politicians seem to believe that the Federal Reserve, using its various “tools” to create money out of thin air (which is illegal for mere mortals like us), can control the economy and financial markets any way it likes.
In particular, these people believe that the Fed doesn’t want a recession and a stock bear market, and the Federal Reserve can simply prevent these economic events from happening.
The Market Is Much Bigger than the Fed
However, the world doesn’t work that way.
The economy and financial markets are much bigger and more powerful than the Fed. The reason the Fed appears to “work” in preventing recessions and bear markets is that recessions and bear markets are typically much shorter than economic expansions and
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