Saturday, March 22, 2014

Rick Santelli & Jim Grant On Hazlitt's Timeless Wisdom | Zero Hedge


"This [fallacy] is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only to that special group but on all groups. It is the fallacy of overlooking secondary consequences." -- Henry Hazlitt


At the young age of 22 Henry Hazlitt figured out the future involves too many factors for anyone to predict, not to mention just knowing what the relevant factors are. Jim Grant admitted it took him 40 years in the business to finally realize he couldn’t understand the future, noting, however, unfortunately the folks working at the Eccles Building have not come to this realization. The PhDs believe they can depreciate the currency at the proper rate to cause everyone gainful employment and live happily ever after. Hazlitt also has a fan in Rick Santelli who notes that if government makes loans, that private lenders won’t make, to entities that can’t pay back, economic signals get destroyed, and chaos ensues. Chaos, indeed...

Read More:  http://www.zerohedge.com/news/2014-03-22/rick-santelli-jim-grant-hazlitts-timeless-wisdom

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