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Monday, September 29, 2008

The end is near?

According to this story in the WaPo (Via Drudge), the balance of power in the U.S. is now shifting from New York to Washington, D.C. Truth be told, this has been happening for over six decades, but this bailout is really pushing into a European-socialism style of government. Before the bailout, Canada was one point ahead of the U.S. in the freedom index; this latest action will undoubtedly cement the results further. Not that Canada has much to brag about; it is a sad day (or time) for both of us.

Once the state gets involved in dictating the minute details of money and banking, the result is crony capitalism at its worst. Look no further than the developing world for examples of countries where the rich get richer and the poor get poorer; in other words, it is the end of the American dream.

Capitalism always meant the freedom of entry and the freedom of exit. But once there is no freedom of exit, there is no more freedom of entry. Say goodbye to the self-made "rags to riches" millionaires, and say hello to the government-sponsored politburo rich.

Those of you who have read Atlas Shrugged, will find the similarities eerie. When businessmen go to the state to beg for regulation, that is the sign of the end. The only question is: who is today's John Galt?

Posted by Moin A Yahya on September 29, 2008 in Current Affairs | Permalink


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Here again we see more government encroachment into the private sector. More regulation and more control. This, to me, is a very frightening trend and should concern us all. If you don't think we're sliding towards authoritarianism...think again.

Posted by: JC | 2008-09-29 6:51:47 AM

For years, we Americans have felt smug as Canadians streamed across the 94th to get medical care that was impossible to get in Canada.

Well, enjoy the script-flipping. The smart Canadian entrepreneur will troll American 401ks looking for incensed American workers who wish to invest their money in a place nearby with a freer financial sector.

Posted by: D.J. McGuire | 2008-09-29 7:20:24 AM

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