L.A. Liberty

If you’re one of those who like to blame “speculators” for every economic malady that besets “society” (probably because you mindlessly parrot the statist media and their political puppet-masters), then consider giving Bob Murphy a few minutes of your time…

“If you were a central planner - if you were the world dictator who had nothing but the best interest and welfare of all human beings in your heart, and that’s the only thing you cared about - and you knew that  in one month’s time there was to be a massive supply disruption of oil exports from the middle east, what would you do? You would order all your subjects to cut way back on consumption right now. You would order your subjects who had the physical ability to pump more oil out of the ground while they still could and get it into the network. And you would order the people who had the ability to stockpile oil to start doing so like crazy. So, in other words, you would order [assuming you had both the prescience and desire] the exact response that a market economy gives us [without compromising anyone’s self-ownership or necessarily setting up channels for institutional corruption].”

(Source: youtube.com)

Notes:

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   LALiberty is much better at providing commentary than I am.

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