Adam Smith, Edward Teach, Barak Obama

Adam Smith, Edward Teach, Barak Obama

Last week on NPR there was talk about Adam Smith and “free market philosophy”. Adam Smith and Milton Friedman developed philosophies that are very popular in the western world today. They basically said that the market should be left alone to control itself because it would always reach the perfect level if left alone. The broadcast went on to talk about the current interventions in the economy and the takeover and bail out of large firms.

Even in the days of Adam Smith there were characters like Edward Teach, otherwise known as “Blackbeard”. The governments of the world tried to hunt him down. He was pardoned; but continued his activities and was eventually caught and killed. This was government intervention in the market. No one lamented that. Today’s problems are largely caused by pirates as well. They wear blue suits instead of feathered tricorns; and they wield computers instead of swords. They are still pirates. The government hunted them down and bailed them out. Perhaps they should still be executed.

The point being attempted is that a government’s protection of its trade from pirates is still an important obligation. Taking over companies that have been looted and preventing the financial fallout that would result from their failure is a necessary interference in the economy.

David Segrest is a REALTOR® in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com He is also a contributor on Argentina to: http://realestatebloginternational.com/