In a way, I almost welcome the frankness of someone like Ron Paul, who tells us that there’s no need for any kind of bank regulations. It’s crazy, of course — even Adam Smith called for bank regulations, comparing them to building regulations designed to prevent the spread of fires. But at least the guy’s consistent.I'm not sure if Krugman realizes how consistent Congressman Paul is, but I am pretty sure Paul would be against government mandated building regulations, also. As for Smith, it just shows that he was inconsistent in his free market advocacy. The man even became a commissioner of customs in Scotland!
Saturday, December 18, 2010
Krugman on the Frankness of Ron Paul
Paul Krugman doesn't understand the first thing about free markets and how they work, so he would think it is crazy to not want regulators, but at least he understands that Congressman Paul is consistent in his demands for liberty. Krugman writes: