Friday, February 11, 2011

Peter Thiel on the Economic Situation

Peter Thiel argues that a book published in France in 1968, Le Defi Americain (The American Challenge) has a lot to say to us in the United States in 2008 and discusses why the U.S. has failed to rise to the heights predicted by its author, J. J. Servan-Schreiber.

In explaining what's wrong with the U.S. economy, Thiel points out that, although we have benefited from growth that is both extensive (e.g., free trade) and intensive (e.g., technology), we have not featured enough of each.

He asserts that the credit crisis of 2008 has nothing to do with the failings of the free market but rather is a by-product of government entanglement, nurtured by the motors of economic growth working less well than expected. Remember while much of what Sowell says is of interest to libertarians, he is NO libertarian. About 38 minutes.

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