Expanding state

Expanding state
A trend toward increased government influence in economies and personal life is curbing growth, and freedom, in many Western countries. The outsized role of government results in misplaced incentives, overregulation – which restrains markets and competition – and irresponsible budgetary policies. It leads to planned economies and principalist, authoritarian, centralist and also socialist policies. As history shows, such governments inevitably fail in the end.

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Picture of the head of U.S. Federal Reserve Board, which functions as the country’s central bank

Opinion: The financial elephant in the room

Like medieval alchemy that failed to turn lead into gold, today’s easy-money folly of central banks and governments will lead to crisis, not economic growth and prosperity. After years of addiction to overspending, neither politicians nor central bankers seem capable of returning to responsible policies. New technologies such as cryptocurrencies, cannot solve the problem but at least expose it by showing alternatives.

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