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Headline of the Week

From where else? The Sunday New York Times:

Here is the key paragraph of the piece:

“The economic conventions that policymakers had relied on since the Berlin Wall came down more than 30 years ago – the unfailing superiority of open markets, liberalized trade, and maximum efficiency look to be running off the rails.”

Huh? If Covid was a lesson about anything it is that government power and control of private resources ran the global economy off the rails. The global inflation problem and supply chain disruptions of the last several years weren’t due to a failure of free enterprise, but rather runaway government spending and borrowing in almost every advanced country in the world, as fiscal sensibility was replaced with “Modern Monetary Theory.” The Timesridicules the notion of the “invincibility of free market capitalism,” but what ended the Covid crisis and saved millions of lives worldwide was in large part Trump’s Operation Warp Speed. That was the greatest life-saving example in modern history of the virtues of getting government and politicians out of the way:  a total DEREGULATION.

Within the United States and internationally, the national governments and state governments that took the harshest steps in controlling their economies have been the ones with by far the slowest recoveries.

The left has fretted for years about global inequality, and yet free trade has done more to lift billions of people out of poverty than all the income redistribution programs in history.

Finally, the Times moans that reliance on free enterprise has done nothing to slow climate change. But what has spending more than $1 trillion worldwide done to save the planet?  Last year despite the deluge of money, the 34 industrial conferences, the solemn pledges by political leaders to cut greenhouse gas emissions, and the attacks on fossil fuels, the amount of carbon in the atmosphere hit an all-time high.

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