The Hero

Take note of the Atlantic's cover:

It’s the old something-for-nothing analysis: by buying stuff with money conjured out of thin air, by creating “liquidity” ex nihilo, disaster was averted. Financial disasters are not caused by real imbalances, real capital misallocations, etc. Nope. They’re caused by the lack of a robust central bank that can summon bread from stones. (For a rather more realistic analysis, see David Stockman.)

Note also on the cover: Harvard left-liberal Michael Sandel on “Our Market Obsession.” It’s an obsession, I tell you. Some 85,000 pages added to the Code of Federal Regulations every year, labor markets a minefield of litigation and intervention, the banking system a giant cartel shot through with government-induced moral hazard, a military-industrial complex that can only laughingly be associated with the free market — I could list 1,000,000 things. It’s just free markets everywhere you look.

Originally posted on


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