Monday, 19 May 2014

QUOTE OF THE DAY: It Was Morality Wot Caused It

“On the premise that a free banking system inadequately served the poor, the Federal Reserve was formed.
On the premise that welfare spending is too important to be tied down to an objective system of money, the gold standard was abolished.
On the premise that taxpayers have a moral duty to bail out needy banks and careless depositors, the FDIC was established.
On the premise that we all have a moral duty to help needy, low-income families 'achieve the American dream,' the
GSEs like Fannie Mae and Freddie Mac were established.
On the premise that Americans have a moral duty to preserve America’s financial institutions, Washington is now nationalising them—ensuring the full politicisation of lending, a perpetual flight of private capital, and an endless drain on taxpayers’ wallets.”

- Richard Salsman, from his article ‘Altruism: The Moral Root of the Financial Crisis

1 comment:

  1. Funny how those most annoyed and appalled at this sort of thing are first in the queue to pay the taxes which perpetuate it haha!

    I would have a bit more respect if some people were first in the - "You Think I Am Handing Over One Third Of My Money? Get Stuffed Sunshine!" - queue, but there we are.

    (Hint: they only do it because you pay)


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