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Tuesday, December 29, 2009

Capitalism: guilt by association

with Alan Greenspan!
In the 1960s, [Alan Greenspan] was an acolyte of Ayn Rand and wrote a famous essay defending the gold standard, which I read in her book, Capitalism: The Unknown Ideal. And then he goes on to become the most inflationary Fed chairman in history until Bernanke superseded him.

The really shameful thing about Greenspan is, not only were his policies the igniters of the giant bubbles we saw in the stock market and then in real estate, but since he was associated with pure capitalism through Rand, his failures through government intervention in the market have falsely discredited capitalism as a system in many people’s view.
-- from "Doug Casey on Bungling Ben" (interview by Louis James, Editor, "International Speculator")

1 Comments:

Anonymous Clay Barham said...

SELF INTEREST OR SELF-CENTERED
This is directed at those who admire and criticize Ayn Rand’s beliefs about people who stand on their own feet. Most who criticize Rand say she promoted selfishness, thereby greed, which is self-centered and anti-individual creativity, therefore, anti-Rand. Rand admired the creative individual, such as James Jerome Hill, on whom she was reputed to have based her character Dabney Taggart in Atlas Shrugged. If we look at Howard Roark’s summation to the jury, from Fountainhead, we do not see a self-centered individual destroying his work. Were he greedy, he would have simply accepted his payment. We see a self-interested, other- and outer-centered individual in love with his own dreams and creations, as one would love a spouse, child or family and refuse to allow them to be assaulted. Though love for anything spiritual may be missing, a great idea or vision also measures up to that which is spiritual, and that view is not inconsistent with Christianity. Claysamerica.com.

29/12/09 07:16  

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