Sobering thought of the day

George Gilder, writing in the Claremont Review of Books:

The experts. . .now completely in control of Washington [are] attempting to spend their way to political dominance, while taking well over half the voters off the federal tax rolls and giving actual taxpayers a greater incentive to hide and shuffle existing wealth than to earn or create new wealth. . . .But globalization means that entrepreneurial creativity — in which the United States is increasing its lead — can survive by adopting foreign locales and resources. Countries such as Israel (a global cernter of innovation) and Ireland (a low tax haven), China (a manufacturing dervish), and India (ascendant in software) are taking the lead and will help capitalism survive the Lilliputians currently trying to ruin it in the U.S.

What will matter, after all, is not whether President Obama approves of markets but whether markets approve of President Obama, who may think he has protected his future by buying off he middle class with tax rebates but will soon discover that his future will be decided by global markets for currencies and stocks.

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