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28 sats \ 3 replies \ @Rothbardian_fanatic 22 Mar \ parent \ on: The Price of Gold: A Woefully Outmoded Law Needs Updating econ
I’m thinking of all of the commodities that the federal government have absolutely screwed up and lost due to them putting their greasy, grubby, sticky fingers into the business. Think tobacco, cotton and more recently corn and soybeans. They also screwed up the microchip companies by supporting moving to Taiwan. I am not sure of how many other lines of business that they have screwed up by thinking they could choose winners and losers by taxation and tariffs. Tariffs never seem to work out as they plan.
Without profit and loss signals, losses are pretty much guaranteed.
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That is true. The whole problem is that the ”experts” are making the choices with no skin in the game. If we could skin them alive for their mistakes, we may see fewer mistakes at all. Reminds me of the idea to pay weathermen only when they are correct. Weather forecasts may drastically improve, then.
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That's the core of the problem. The state is fundamentally unaccountable. Even when it's forced to pay damages, which is rare, they just steal more money from normal people to do so.
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