søndag, december 28, 2008

Peter Schiff om hvad der er nødvendigt for at komme over krisen

Peter Schiff, der i lang tid forsøgte at advare imod den kommende krise, men blot blev hånet, har en udmærket artikel i Wall Street Journal. I den advarer han igen, men denne gang imod den begejstring der ser ud til at være for keynesianske tiltag for tiden:

"Taking the theories of economist John Maynard Keynes as gospel, our most highly respected contemporary economists imagine a complex world in which economics at the personal, corporate and municipal levels are governed by laws far different from those in effect at the national level.


Individuals, companies or cities with heavy debt and shrinking revenues instinctively know that they must reduce spending, tighten their belts, pay down debt and live within their means. But it is axiomatic in Keynesianism that national governments can create and sustain economic activity by injecting printed money into the financial system. In their view, absent the stimuli of the New Deal and World War II, the Depression would never have ended."
Og videre:
"I believe these ideas hold sway largely because they promise happy, pain-free solutions. They are the economic equivalent of miracle weight-loss programs that require no dieting or exercise. The theories permit economists to claim mystic wisdom, governments to pretend that they have the power to dispel hardship with the whir of a printing press, and voters to believe that they can have recovery without sacrifice."

"Governments cannot create but merely redirect. When the government spends, the money has to come from somewhere. If the government doesn't have a surplus, then it must come from taxes. If taxes don't go up, then it must come from increased borrowing. If lenders won't lend, then it must come from the printing press, which is where all these bailouts are headed. But each additional dollar printed diminishes the value those already in circulation. Something cannot be effortlessly created from nothing."
Jeg forventer heller ikke at folk vil lytte til Schiff denne gang. Tværtimod vil de reguleringsglade fortsætte med at foregive at den nuværende krise er et resultat af et ureguleret marked, og sikkert håne fornuftige folk som Schiff, mens de sidder og bander frimarkedsøkonomer de aldrig har læst langt væk. Sådan er tingenes tilstand desværre.

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