Communicator (communicator) wrote,

Atlas trumped

Alan Greenspan is a highly influential right-wing economist and follower of Ayn Rand ('Sharing is evil'). Many people have argued that as the most powerful champion of free market deregulation he bears significant responsibility for the current crisis in Capitalism.

This Crooked Timber thread has a lot of fun with a statement he made in a recent article in the Financial Times.
Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s “invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.
With notably rare exceptions, the free market is working just fine!

There are currently 350 comments in that thread, such as:
With notably rare exceptions, Germany remained at peace with its neighbors during the 20th century

With notably rare exceptions, drunk drivers arrive home safely.

With notably rare exceptions, locking all exits to the workplace is a harmless way to improve your employees’ productivity.

With notably rare exceptions, petroleum extraction has minimal environmental impact.

With notably rare exceptions the maiden voyage of the Titanic was uneventful.

With notably rare exceptions, it's a great idea to start a land war in Asia

You've gotta laugh. With notably rare exceptions.
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