America: Too Big to Fail? |
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| Daily Dose of Reason - Society & Culture | ||||
| Wednesday, 25 November 2009 00:00 | ||||
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Big, sound ideas led to the biggest explosion in productivity and innovation ever seen in human history. Just as sound ideas led to all this, insane or wrong ideas will lead to the opposite. That's the nature of reality. You saw how well freedom and capitalism worked on their run. Fascism, socialism and control will fare just as badly in America as they have all over the rest of the world. America, no matter how great its history, is not immune from reality.
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Is America too big to fail? No. America was based on big, sound ideas. These ideas included individual rights, freedom, and private property. They included rationality in the sense of people thinking, and being responsible, for themselves. These big, sound ideas included separation of church and state as well as separation of economy and state. Believe it or not, Presidents and Congress, for a long time, refused to get involved in trying to end economic "panics" and there were no depressions until government got involved in the economy. (The first Great Depression started soon after the U.S. Federal Reserve was established to control the currency).