Forgotten Lessons Of History
Those, who do not learn from history are doomed to repeat it. In times of crisis humans often resort to desparate, but foolish measures. Since the beginning of this millenium we are witnessing a repeat of the horrible New Deal. History does not repeat itself, but similar patterns do thanks to human nature. The ability of humans to learn from their mistakes is still very limited and very slow.
Political Power Excelled In Ignorance And Arrogance
We experienced two severe recessions within about a decade, the last one is called the Great Recession. Our elected political leadership turned out again to be quite inept and clueless about economics. Not only that, our political leadership became so arrogant and foolish as to attempt to subjugate free markets. This is sometimes referred to as primacy of politics. However, free markets are an expression of the free will of the people.
Awful Legislation, Bailouts, And Breaches
What our elected political leaders have come up with since the beginning of this millenium is a long list of awful deeds:
· International contracts were severely breached (European Monetary Union)
· Bailouts for so called too big too fail companies instead of bankruptcy and bailouts for profligate governments
· Monstrous legislation like Sarbanes-Oxley Act, Dodd-Frank Act and Consumer Protection Act, or Obamacare was passed
· And much more
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