Quote from: cypherdoc on January 30, 2013, 07:39:59 PM

Quote from: Qoheleth on January 30, 2013, 07:29:12 PM

Quote from: sunnankar on January 30, 2013, 11:07:16 AM

Yes, all government does is waste capital because it has no pricing mechanism to perform economic calculation like the market that arises from voluntary human action.

Come now. It's totally possible to have a government that spends money without totally invalidating its nation's markets. If the US doesn't have a pricing mechanism, who's telling the grocery store how much to charge for my peanut butter?

The economic calculation problem is the wogly in command economies, not all government spending everywhere.

talk to me about Libor. it's only the most fundamental interest rate upon which all bonds are priced and thus every other risk asset.

Yep... It's the bankers controlling the peanut butter prices, not the peanut farmers or the grocery store, who should be the two actors concerned with pricing.