Eye On The New Reality: Free Market Capitalism Defined...

As I have been pointing out over the course of the last few weeks, we are starting to get credible academic support for our view that we have a deficiency in the American financial system's leadership. Earlier this week, Israeli Game Theorist and Nobel Prize winner, Robert Aumann, took aim at Hank Paulson and Ben Bernanke, calling them "not smart." Below I have attached the intro to the Ayn Rand Institute's note from today, by Alex Epstein and Yaron Brook, titled "The Maestro vs. the Market":

"Alan Greenspan claims that the free market failed to prevent the financial crisis, and that he is "shocked" that his professed "free-market ideology" turned out to contain a "flaw." But why should we take him seriously? Greenspan, while once associated with laissez-faire philosopher Ayn Rand, hasn't advocated genuinely free markets for decades. Remember, this is a man who for two decades reveled in being, as the New York Times put it, "the infallible maestro of the financial system."

Free markets don't have "infallible maestros"; they liberate us from such "maestros"--the central planners who have time and again falsely claimed the ability and the right to orchestrate millions of economic lives. Free markets enable each of us to be our own maestro, conducting our own affairs, producing and trading as we judge best, and taking responsibility for the consequences when we fail."

(For the full article see Ayn Rand Center Op-Ed ).

If we collaborate best ideas, quantify fact, and exploit fiction… we’re going to find that “The New Reality” is much more positive than the pervasive bearishness expects.
KM

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