by Jeff Berwick
“In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.” – Friedrich Nietzsche
Nietzsche was right. If you sat beside Ben Bernanke in his Washington Nationals box seats while he slurped on his ice cream cone and you had a general conversation with him, he probably wouldn’t come across as being insane. “That was a nice home run,” he’d say. You’d nod.
But it is people like Bernanke who believe in collectivist systems and top-down economics who are insane.
He believes that an economy should be overseen and manipulated, Soviet Union-style, by a few white men, preferably with beards, in a secretive boardroom. Here begins the real tragedy of the commons.