Ok, I'm not an economist by any stretch of the imaination. Come to think of it, economics is down-right dry and I couldn't understand why anyone would be reading anything having to do with it. But then again, these are trying times for the ideas of the free market so I'm sure there are lots of people making even the slightest attempts to try and out-think Ben Bernanke or Ayn Rand. I read an article recently (http://www.newsweek.com/id/173514/page/1) about the possibilities of free markets collapsing worldwide and what the ripple effects could be. According to Dr. Yaron Brook, the head of the Ayn Rand Institute, he is blaming Alan Greenspan for regulating too much and this to him is the reason behind the collapse of the current financial system. I never thought I would see the day when someone accused Alan Greenspan of regulating too much. Greenspan himself was a personal friend of Ayn Rands and was an early advocate of Objectivism in world markets but he was, as Dr. Brook mentioned, also in charge of the Federal Reserve and, eventually, he jumped the boat on Objectivism in economics. This interview is rife with blame but not on the free market system; he blames the entire situation on the Federal Reserve itself. He thinks that maybe the Fed has had it's chance and should be disassembled. It would seem that, were he Woodrow Wilson, he would never have allowed the Fed to be created in the first place.
If memory serves me right, Ron Paul was and still is an advocate of the dismantling of the Fed but look where that explosive idea got him.
I do tend to agree with his ideas; that the Fed is the problem and that maybe the markets weren't as free as we thought they were, but sometimes you have to fess up to the reality of the situation which the interviewer, Barrett Sheridan, did in fact do.
"You want to do away with the Federal Reserve, but something that radical isn't going to happen, at least not anytime soon."
Mr. Sheridan, I believe you have hit the nail on the head. The Fed won't dissolve and, simply put, we're going to have to deal with that reality. So, by continuing on our way and, inevitably, doing what we have to by following the status quo (not because the system can't change but simply because it won't change) we, as a country, are embarking upon a journey into uncharted waters and these waters are cold. Very cold.
We better hope that Bernanke has a good set of eyes for the next iceberg because we know it's out there and it may not be as forgiving as the first few.