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Greg Block's avatar

If "Over 90% of the systemic risk that exists in the system today is created by the fact that we have a Federal Reserve” is t true as Brook suggests - how much of that 90% did devout Rand lover Alan Greenspan contribute? Surely an Objectivist like himself would never intervene in private sector matters . . .

"Objectivism" boils down to "my facts are facts and your facts are not" and when held as an ideal by political/economic decision makers leads to the consolidation of power via "self-interest" and the very capricious behavior that they lament when the government acts unfavorably to "objective reality."

Brook should take a look at the Fed's investment advisory committee. If that isn't self-regulation, what is?

Ayn Rand, while not a boomer, is a first ballot honorary member of the boomer hall-of-fame.

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The Retired Bass Player's avatar

From the title, I assumed the path of the narrative would include South Africa. Oh well. That's a great example in real time of what happens when the coercive power of government metastasizes from protection from X to protection of X (racism and the elite rule there now, worse than ever before, I think). Sad. We the people using coercive power to achieve a public good (Mancur Olson yet again) becomes "we with the guns make the rules" over time. Human nature. The fatal flaw in Ayn Rand's hopefulness is human nature, too. I watched that Wallace interview and thought the naivete on both sides of the table was high.

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