Of course, scientists were never supposed to run our society. The technocrat class cannot possess all of the knowledge necessary to effectively run the lives of 330 million Americans. But that will not stop them from trying.
"Because there's so much debt today relative to 10, 15 years ago, a small debt, a small move in yields, 50 basis points in yields today is equivalent to 2% 15 years ago."
The mental viruses Saad has in mind are to a large extent those that deny that human beings have a biological nature: “Many idea pathogens share one common thread, a deep desire to liberate people from the shackles of reality.”
The empirical evidence shows that neither minimum wages or welfare reduce poverty. In fact, minimum wages tend to increase the cost of living while poverty rates have gone nowhere since the Great Society was introduced.
The eurozone still had an unemployment rate of 8.3 percent and more than 7 million furloughed jobs at the end of February. This is just one outcome of the EU's harsh lockdowns and regulation-caused malaise.
Private property is an institution central to civilization and beneficial human interaction. When central banks distort this institution with easy money, the social effects can be disastrous.
