I had so much fun responding to letters in the Denver Post yesterday that I thought I’d have another go. Today the Post published a letter by Frank Tapy that supports political economic controls. I replied:
What is remarkable about Tapy’s letter is that, while it contains a string of ad hominem attacks, it contains not a single argument in favor of his position.
Meanwhile, free-market advocates have explained in detail how federal controls involving Freddie Mac, Fannie May, the Community Reinvestment Act, the Federal Reserve, and more promoted risky lending that is at the root of the real estate and stock bubble.
Tapy’s claim that a free market will lead to “the collapse of the economic system,” whereas increased political controls supposedly will save it, is laughable. If he were correct, then Soviet Russia and Maoist China should have become the wealthiest nations, while Hong Kong should have failed. The crisis of today’s economic system is the result of political interventions in the economy, yet Tapy calls for more of the same poison.
Prosperity results when individuals have the liberty and the legal protection of their rights of property and contract to produce as they know best and to enjoy the fruits of their labor. When politicians violate people’s rights by trying to centrally plan the economy, they impede and discourage production.
Right now, the federal government is taking massive wealth out of the free economy that is desperately needed for investment and squandering it on corporate welfare. Right now, the federal government is seizing the wealth of the responsible in order to reward the irresponsible. Right now, the federal government is undermining the stability of the dollar and loading down our children with debt. And this is what is Tapy thinks will “revitalize” the economy? Seriously?
What we need is a renewal of economic liberty. What we need is a government that protects individual rights instead of violating them on a massive scale.
No amount of “continuous evaluation and modification” of political controls, no “long-term assessment” of political meddling will achieve prosperity. We need freedom.