Inevitable pigs---and would be next ones
發表於 : 週日 11月 27, 2011 11:19 am
Market discipline work when other controls fail.
The prospect of financial ruin was one reason why many people
feared the introduction of democracy.
''The ignorant majority ,when unrestrained by a superior
class,always sought to tamper with sound money,'' said Thomas
Hutchison, a lieutenant governor of Massacheusetts in 1753.
Alexander Halmiton described the progressive accumulation of debt
as '' perhaps the natural disease of all governments.''
Over centuries, countries have tried various rules- the gold standard,
,balanced -budget requirements, independent central bank-in an
attempt to limit government profligacy.
But when those rules fail,the market assert their own grim discipline.
The prospect of financial ruin was one reason why many people
feared the introduction of democracy.
''The ignorant majority ,when unrestrained by a superior
class,always sought to tamper with sound money,'' said Thomas
Hutchison, a lieutenant governor of Massacheusetts in 1753.
Alexander Halmiton described the progressive accumulation of debt
as '' perhaps the natural disease of all governments.''
Over centuries, countries have tried various rules- the gold standard,
,balanced -budget requirements, independent central bank-in an
attempt to limit government profligacy.
But when those rules fail,the market assert their own grim discipline.