The Incredible Conceit of the State

Source: EconLog
by Pierre Lemieux

“Following the crash of cryptocurrency exchange FTX, Senator Bob Menendez (D-New Jersey) declared (‘US Lawmakers Call for More Crypto Regulation After FTX Collapse,’ Financial Times, November 15, 2022): ‘This should be a renewed call for Congress to take a serious look at crypto exchanges and lending platforms, many of which engage in risky behaviours, while marketing themselves as safe for consumers.’ We could say something similar with much more evidence and theory to back up our claim: ‘It’s time to take a serious look at government, which engages in risky behaviors while marketing themselves as safe for citizens.'” (11/16/22)

https://www.econlib.org/the-incredible-conceit-of-the-state/