Academic

TODAY?S ECONOMIC CRISIS, explained by Federalist No. 62. Yep, pretty much. I like this bit in part?

By Glenn Reynolds

TODAY’S ECONOMIC CRISIS, explained by Federalist No. 62. Yep, pretty much. I like this bit in particular:

In another point of view, great injury results from an unstable government. The want of confidence in the public councils damps every useful undertaking, the success and profit of which may depend on a continuance of existing arrangements. What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not but that his plans may be rendered unlawful before they can be executed? What farmer or manufacturer will lay himself out for the encouragement given to any particular cultivation or establishment, when he can have no assurance that his preparatory labors and advances will not render him a victim to an inconstant government? In a word, no great improvement or laudable enterprise can go forward which requires the auspices of a steady system of national policy.

Now we call it “regime uncertainty.”

Full post as published by Instapundit.com on October 08, 2010 (boomark / email).