Excellent article. What we have in America today is not free market capitalism, but a soft “fascism” that is enforced by large companies that buy government favor and is enforced by the liberal courts.
It makes no sense to me why food and energy prices are omitted from the inflation measure. The article said Mr. Dudley was trying to explain, but the article did not give his explanation. Crummy article.
Soft fascism, corporatism, crony capitalism, public-private ventures, it’s pretty much all meaning the same thing.
It’s just as bad as unions on the other end.
True. But fascism (Adam Smith called it mercantilism) has been the endemic disease of the American economy ever since Alexander Hamilton. Henry Clay and Abraham Lincoln were among its chief proponents in the first half of the 19th century. Herbert Hoover, as Secretary of commerce, pushed for it in the 1920s. The New Deal, especially the National Industrial Recovery Act, was straight out of Mussolini's playbook.
We have a lot of work to do to undo the damage those people did.