Whatever worries you about what’s going on in the world, stop. The advice is wise not because your fears aren’t potentially valid, but precisely because they’re potentially valid. If they are, rest easy that what keeps you up at night has already been priced.
Take the present budget debate between the left and right. About the debate, it should be said ahead of time that government spending is the cruelest tax of all. When governments spend, they’re substituting knowledge-deficient politicians for the marketplace in the allocation of trillions worth of privately produced resources. The negative impact on the economy is staggering, but largely unseen.
Read Full Article »
