When the walls come tumblin' down
When the walls come crumblin' crumblin'
--John Mellencamp
The last 5-6 paragraphs of John Hussman's weekly missive are must read material. Then they are re-read material...
Until policy making returns to market driven themes such as private savings and investment, and rejects themes grounded in Fed money printing and government stimulus, we have 'an economy built on speculation and paper, stacked into a flimsy house of cards.'
Very nicely put.
position in SPX
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1 comment:
Jobs in and of themselves do not guarantee well-being. Suppose that the employment is to dig huge holes and fill them up again. What if the workers manufacture goods and services that no one wants to purchase? In the Soviet Union, which boasted of giving every worker a job, many jobs were just this unproductive. Production is everything, and jobs are nothing but a means toward that end.
We must not allow government to create jobs or we lose the goods and services that otherwise would have come into being.
Every job created is a deduction from the limited, precious labor available. Work must be rationed, not created, so that the market can create the most products possible out of the limited supply of labor, capital goods, and natural resources.
~Walter Block
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