Monday, October 06, 2008

Crises: Garrett speaks

An recent post of mine over on the Blog at

Crises: Garrett speaks

Garet Garrett's "Pensions for Capital" (Insatiable Government, pp 210-1) provides a great insight into these times. While discussing the financial condition of the nation's railroads in 1950, Garrett noted, "This meant that the faster it sloughed off dead and dying capital the faster it could go forward -- provided always that the dynamic principles by which capitalism endlessly renewed itself were preserved."

We've been here before, and the correct advice hasn't changed. Neither has the political response.


TokyoTom said...

Jim, thanks for the Garrett quote and link. (But I think you mean "correct advice"".)

Jim Fedako said...

Ouch! Thanks TT!