"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
The Market and Uncertainty
The notion that regulators have knowledge superior to that of people acting in the marketplace is ridiculous. Economic activities are based on local and often unarticulated knowledge that regulators could never acquire. It’s a fallacy to think that because imperfect human beings make mistakes, government oversight is necessary.
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