By David Stockman
April 29, 2024
This is an excerpt from David Stockmans book: Trump's War on Capitalism.
As we have seen, The Donald's economic policy actions and nostrums were thoroughly wrong-headed and counterpro- ductive. But the opposite assumption-that market capitalism was working according to the texts penned by Adam Smith- was also dead wrong and had been for decades. Today's bailout- ridden crony capitalism is not remotely the real thing, and that's especially because free markets can't function efficiently and pro- ductively when they are flooded with cheap credit printed by the central bank.