Kevin_Kennedy
Defend Liberty
- Aug 27, 2008
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Theoretical Libertarianism falls down for exactlty the same reason theoretical Communism does.
Both theories are based on the theory that human nature will change to fit into the needs of that system.
If you think, as one example, that the regulated will hire regulators who will play the game of regulating honestly?
then perhaps you truly do NOT understand what happened when the BANKS hired their own regulators MOODYS and STARDARD AND POOR to evaluate the RISK associated with derivatives.
THAT complete failure to regulate (assess risk) was a perfect example of why libertarianism will FAIL to serve a society well.
The idea that the current banking system, replete with government backing (FDIC), the Federal Reserve, and government bailouts, is somehow comparable to a free market banking system doesn't really hold up.