Only last week, I published an article about the madness of Fed regulation. I presented several key assumptions behind all regulation, and exposed them to be false.
- Regulators Are Smart and They Care
- Compliance Makes Things Safe
- Unregulated Businesses Will Harm Us
- Regulation Turns Crooks Into Producers
- The Financial Crisis Occurred Due to Private Crimes
- The Fed Can Create Stability
- Central Planning Works
And now the Nobel committee has chosen to honor Jean Tirole with the prestigious prize. He earned this award and recognition for his work on the best way to regulate large, powerful firms in industries including banking.
He helped show, “what sort of regulations do we want to put in place so large and mighty firms will act in society’s interest,” Tore Ellingsen, the chairman of the prize committee, said after the award announcement.
How many of the fallacies I debunked are implicit in this? I count at least 5…