“I beg to differ. Free market capitalism as has been practiced in western (and now global) civilization has been built on concepts like corporations, limited liability, contract law (and related torts), and most fundamentally, PROPERTY RIGHTS. Unlike your personal rights, property rights require a legal framework.”
Markets don’t need ordered liberty in order to survive. Markets are the default nature of man. We trade things if it suits us. We might also take things, but markets do not cease to exist when people can take things, because some people will still choose to trade rather than to take things.
We need a legal system to prevent violence and injustice. The market itself does not require a legal system.
“Certainly. The Fed is a means to an end (money supply) and other means are possible.”
Yes, it is not necessary.
“Absurd strawman on multiple levels. First you DO know the actual federal reserve policy, if you only care to (a) READ THE CONGRESSIONAL LAWS ON IT, like Humphrey-Hawkins and (b) READ/WATCH Fed minutes, year-end audits, and reports to Congress. The Fed *policies* are well-known and understood by observers.”
The have a mandate from congress to keep money stable, they don’t have to tell us or anyone else what their policies are that supposedly lead to that. Why do they bail out some companies but not others? That is what I’m talking about. The CONGRESSIONAL LAWS ON IT do not state how they do it. Well, that is what I want to know. How they figure out who to bail out and who not to bail out.
“Another strawman, I never said that...”
Whenever you argue that the type of “independence” that means no looking into things is a good thing you are arguing that secretive experts are preferable to accountable representatives.
No one with power in the government should be independent as they are.
“Markets don’t need ordered liberty in order to survive.”
Markets survive even under communism (black markets). but ... Markets need ordered liberty in order to thrive.
No successful prosperous nation can go long without it.
“No one with power in the government should be independent as they are.”
Much of the Fed is subject already to GAO audit. Were you aware of this? I was not...
http://www.federalreserve.gov/newsevents/testimony/alvarez20090925a.htm