Originally Posted by junius
I am pretty sure you are going to have a hard time getting much traction for full blown libertarian economics policies in light of their obvious negative role in the current recession.
Freedom had no role to play in this recession or any other recession. We live in a regulated
economy, not a free one, and it is government regulation, not freedom, which is the cause of economic disasters.
For example, at the heart of the current recession is the sub-prime mortgage epidemic, which was caused, inter alia
, by the following government regulations and interferences: the Community Reinvestment Act (which coerced banks into granting imprudent loans), the government-sponsered enterprises of Fannie Mae and Freddie Mac (which bought, securitized, and sold those imprudent loans world-wide), and the artificially low interest rates set by the Federal Reserve (which encouraged irresponsible borrowing).
Under the discipline and due diligence required in a free
economy, such moral hazards, and the economic disasters caused by them, do not arise. Theory and history have proven these truths time and again for those who care to see them.
In addition to Economics in One Lesson
mentioned above, for further study I highly recommend the works of the great economist, Ludwig Von Mises, and Capitalism: The Unknown Ideal
, by Ayn Rand.