There are some crazy things happening to economic thinking in the Land of the Free and the Home of the Brave – the description of America popularised by poet Francis Scott Key in 1814.
As opined in the video (above) from from our partners at the Wall Street Journal, Bidenomics consciously contradicts capitalism’s three key words – work, save, invest.
Which leaves us with the logical conclusion, the WSJ adds, that Joe Biden is not the capitalist he claims to be. In words, deeds and thought he’s socialist. And an economically naive one at that.
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Even for those of us who live 13 000 km away, this matters.
With an aggressive communist autocrat in Beijing and softie lefties in Brussels, millions of rational thinkers look to the US as a beacon lighting the way to a sensible path to prosperity.
Warren Buffett, for instance, teaches us that America’s unprecedented success (from 0% to 26% of world GDP in two centuries) was built on a simple foundation: its free enterprise system which ensures the most efficient manner of delivering goods and services.
However, the message now propagated from Washington and being embraced around the world and especially in SA, is the State knows best – a preposterous suggestion considering the complexity of our warp speed world.
Relying on the instant computational power of the marketplace is the only chance mankind has of understanding our economic environment. To imagine that calculator punching bureaucrats offer a superior option is like expecting a good outcome after handing the brain surgeon’s scalpel to a toddler.
We live in interesting times.
More for you to read today (click on the linked headline to access) –
*Â RW Johnson: SA needs a realistic policy on illegal immigrants from the North. The former Oxford Dean argues why a taboo against exerting effective control over the borders must end.
* Panic buying in UK creates shortages at petrol stations. As cars queue for blocks, the UK Govt keeps soldiers on standby to deliver fuel supplies if necessary.
*Â Joe Biden’s Economic Fantasy World. The WSJ’s editor at large reckons his country’s president seems to think that if you pay for something it doesn’t cost anything.
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