The enthusiasm with which our parliaments and their myriad departments produce regulations implies a belief that when a sufficient number have been enacted we will have a social and economic perfection.
I am reminded of the saying ‘the road to hell is paved with good intentions.’
Yet they cannot cease their destructive impulses, for were they to do so, then it would be the acknowledgement that they are superfluous to requirements. To put it more bluntly – a complete waste of time, space, energy and, more importantly, money.
Keith Weiner has produced another excellent piece this week on just this subject…
“We have spilled barrels of electronic ink, making the point that central banks are wreaking havoc. They hurt the poor, the middle class, and the rich. They hurt the wage earners, the business owners, the investors (aka the “rentiers”), and the pensioners. They have variously inflicted rising interest rates, too-high rates, falling rates, and too-low rates. They have imposed perverse incentives to destroy capital and consume wealth.”