The Economy Is Life-Sustaining — Lockdowns Will Kill More People Than They Save

Hey it won't be that bad, we'll get the monthly sack of flour from the government (after standing in line for it for two days)

Let me be clear upfront. I don’t think coronavirus is “just the flu.” I think the pandemic represents a significant health threat and could potentially overwhelm the healthcare system if the spread isn’t slowed. I think social distancing is wise. But I also think the draconian measures taken by governments that have effectively shut down the economy in many places may prove more deadly in the long run than the virus itself.

As Kerry Baldwin said, the economy is life-sustaining.

In his famous essay “That Which Is Seen and That What Is Not Seen,” French economist Frédéric Bastiat explained the difference between a good economist and a bad economist.

Between a good and a bad economist this constitutes the whole difference — the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it is necessary to foresee.”

Most politicians are bad economists.

Government officials make decisions based primarily on political calculation. They are not wise, nor benevolent. Like all of us, they are driven by self-interest.  And their self-interest involves increasing their power. The best way to do that is to look good on TV, appear decisive, and most importantly, don’t put yourself in a position where you can be blamed for a problem.

This is not a recipe for good decision-making.

Since the general public only focuses on things immediately seen, politicians only worry about what is immediately seen. They ignore the potential unseen consequences of their actions. They don’t have the will, or in most cases even the knowledge, to engage in good economic calculation.

Every decision involves tradeoffs. Good decision-making involves considering the benefits and consequences of alternative courses of action and then choosing the one with the greatest benefits.

Consider automobile safety. You could build an armored car with a max speed of 15 mph and it would be virtually 100% safe. It would also be completely useless for getting around. There is a tradeoff between functionality and safety.

The same is true when it comes to fighting the coronavirus pandemic. There comes a point when the harm of shutting down commerce will do more damage than the virus. As Kerry Baldwin said, the economy is life-sustaining. If you squeeze enough life out of the economy, people will eventually die.

Where is that point? I have no idea. But I do know that politicians are the least-qualified people to make that decision.

In an article published on FEE, Jon Miltmore correctly points out that government has a history of making panics worse. He explains how ” the federal government took a small problem (temporary high costs of gasoline in the 1970s) and turned it into a big one (a national shortage). The government “fixed” the cost problem with price controls. The results were less than ideal.

There is no reason to believe that the government will do a better job “managing” COVID-19. Miltmore calls for reason, not panic. It would be wise to heed his warning.

As America endures the most frightening pandemic in a century [courtesy of the media not of reality], the COVID-19 outbreak, it’s important that decisions affecting the lives, liberties, and livelihoods of hundreds of millions of people are being reached through reason, not collective fear.

Pandemics are clearly different from economic depressions and fuel shortages, but some of the same lessons apply. Like an economic panic, pandemics incite mass fear, which can lead to flawed and irrational decision making.

We know that human beings by nature are prone to crowd-following, especially during periods of social unrest and panic. This instinct has resulted in some of the greatest tragedies in human history.

COVID-19 may very well prove to be every bit as dangerous as we’ve been led to believe. Epidemiologists, vaccine researchers, and other medical experts agree it’s highly contagious and deadly, especially for certain at-risk demographics (the elderly and people with compromised immune systems and lung damage, for example). Yet many of the same experts disagree on the scope of the COVID-19 threat.

One of the problems medical professionals are encountering is they simply don’t have a lot of reliable data to work with.

“The data collected so far on how many people are infected and how the epidemic is evolving are utterly unreliable,” John P.A. Ioannidis, an epidemiologist and professor of medicine at Stanford University who co-directs the university’s Meta-Research Innovation Center, recently wrote in Stat.

Let’s face it: pandemics are scary. This is probably doubly true in the age of social media, when the scariest models tend to be the ones most shared, which fuels even more panic. Because of the heightened level of fear, it’s not unreasonable to think public officials could “follow the crowd,” which is a bad idea even when the crowd isn’t totally petrified.

“Crowds do not reason….they tolerate neither discussion nor contradiction, and the suggestions brought to bear on them invade the entire field of their understanding and tend at once to transform themselves into acts,” wrote Gustave Le Bon in his seminal 1895 work The Crowd: A Study of the Popular Mind.

It’s no secret or coincidence that crises—foreign wars, terrorist attacks, and economic depressions—have often resulted in vast encroachments of freedom and even given rise to tyrants (from Napoleon to Lenin and beyond). In his book Crisis and Leviathan, the historian and economist Robert Higgs explains how throughout history, crises have been used to expand the administrative state, often by allowing “temporary” measures to be left in place after a crisis has abated (think federal tax withholding during World War II).

“When [crises occur] … governments almost certainly will gain new powers over economic and social affairs,” wrote Higgs. “For those who cherish individual liberty and a free society, the prospect is deeply disheartening.”

Let’s take the novel coronavirus deadly seriously, but let’s not throw reason, prudence, or the Constitution out the window while doing so.

If we do, we may find the government’s “cure” for the coronavirus cure is even worse than the disease.

The reality is, we have very little control over what the politicians do. State, local and federal governments continue to ratchet up restrictions each day. It appears we’re already in the midst of panic-driven decision making.

President Trump has called for shared sacrifice. And yet the government is in the process of bailing out everybody. It’s going to be bailout nation. Trump wants you to sacrifice without any pain. But it doesn’t work that way. As things unfold, you will sacrifice. And there will be pain.

Peter Schiff says we’ve passed the point of no return. The coronavirus has pricked the bubble. The economy is going to deflate no matter what happens to the pin. And it seems likely the government and central bank response will only make it worse. Get ready. It’s going to be a bumpy ride.

Source: SchiffGold

Subscribe
Notify of
guest
10 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Jozo Magoc
Jozo Magoc
4 months ago

The Rat- child 1$ bill has 52 Latin letters in this sign to match up the 52 year lunar cycle: NOVUS ORDO SECLORUM+ ANNUIT COEPTIS+ E PLURIBUS UNUM+ MDCCLXXVI= 52 letters! NEW ORDER SECURED/ CERTAIN+ AT SET DATE/ CONCEPTION+ IN MULTIBUS OF ONE+ 1776…
The jew squinted eyed bold eagle has 32&33 feathers on the left& right wing, for 2032-2033 New Order! 65 lunar Bak’tuns is Grest lunar year( Anno Magnus).
Above the squint-eyed eagle head is zionist Magen David from 13 stars surrounded by 20 clouds= 33 for 2033! The unfinished 23 layered pyramid has 72 CUBE-STONES( key number to the Precession; and the CUBE is New Jerusalem in Revel.21:16/17).The Black hole,Yama,or Swan,as CygnusX1 is in Medopotamia= Dark Rift= Eden/ Paradise in Milky Way,as the 13th house of zodiac! ( Maya 13 layers of heavens)…Above,that ” EYE” in that Capstone is the Black hole! From 1776 the jews counts last 13 Katuns,ending in 2032-2033! ( Because the Serpent jews originate from the Serpent cultures of Mesoamerica,and follows the lunar calendar,Mesoamerican Architecture and Number Patterns,plus endless Wars and Sacrifice)!
The US ‘ gslactic’ flag has 9 rows+11 columns of stars= 9/11 and 9+11= 20,the Maya Vigessimal system,our Sun of 11 year cycles,crucified in 9 headed Dragon,Milky Way,its 13th house,located in the Cygni constellation of 9 stars!
And plus 6+7 red-white stripes=13! 20+13= 33,for Novus Ordo Seclorum in 2033!
This same NUMBER PATTERN used the zionist Blue Lodge in 911 attacks,in the numbers of CREW MEMMBERS! Into the Twin Towers,9+11 crew members, into Pentagon 6+ UA93 had 7 crew members= 33 for 2033!
In jew architecture were attacked on 911: SQUARE+SQUARE+ PENTAGON= 13 + WTC 7= 20&13 around in their cabalistic NUMBER PATTERN!

2033 is the Great Jubilee Year and this year was encoded into the meaning of the 33rd degree judeo freemason! 2,000 years from CRUCIFYING CHRIST by the jews…In AD 33, and His age of 33…

300 years from founding the Scotish Rite of 33 degree masons. 300 years from Grand Orient, or 200 years from the murderous lodge of Skull& Bones…

And 100 years from the 1st BANKRUPTCYNOF THE US by the jews,who made from then Republic,today’s Demon-rats-CIA, and confiscated them gold & silver currency,replaced by jew toilet papers!

And I fon’t go to the US Skyscrapers calendars,2 in 1 setnof 24 buildings,Maya and Hebrew calendars! ( Too long to detail), altogether,11x the same 2032-2033 date for Novus Ordo Seclorum!

In 2033AD= 5,793Anno Magnus( A.M.), ends after 25,793 years,the Great Year( Anno Magnus)! The Great Pyramid is to the apex with missing cap stone,482.7575 feet= 5,793 PROPHETIC INCHES, thus the year of 5,793A.M.= 2033!

Confirmed by the Greek monk state of Mount Athos,2033 meters above the sea level,on Trident( Aquarian Age) shaped peninsula,Chal-ki-dikí!!! From Aquarian Age starts new Great Year!
Just few info for all ofnyou,the brain dead Western goyim !

Jozo Magoc
Jozo Magoc
4 months ago
Reply to  Jozo Magoc

The Great Sphinx has Aquarian HEAD and Leo’s BODY,as the Great Year divided on TWO HALVES!!!

Jozo Magoc
Jozo Magoc
4 months ago

2033 is the Date for Novus Ordo Seclorum! The Rat-child’s 1$ bill is loaded with that date,so js thd US great seal,US ‘ galactic’ flag, the US Skyscrapers calendar tied to the oficial,zionist 911 Database(= Al Kaida)! The same is confirmed in the SOLSTICES street layout in Fashington,District of Crimminals, and even in your Protestant bibles,you stupid Western goyim!
Ama-ruca/ America-the Land of the Plumed Serpent is the Earthly copy of the Female,Milky Way, i Serpent cultures of Mesoamerica,symbolised as Dragon-Serpent-Caiman! In ancient Egypt,Milky Way( Meri-yam) was symbolised by female goddess Nut,bowed over the sky arch!
AMERICA IS FEMALE BODY SHAPED CONTINENT, and the solar Incas settled in her grotto, enlightening her with the largest solar and golden age in our civilisation!
So is Jeru-salem, a local earthly city,meaning: DRAGON-DUSK, where our Sun and Son were CRUCIFIED and then,RESURRECTED!!! In our Dual World,a DUAL EVENT !

But the Western goyim with High School,as high as 2nd floor, are too stupid to figure things like this, because they are brain dead FOLLOWERS OF OTHERS!!!

hoyeru
hoyeru
4 months ago

all you guys are still stuck on the virus and how dangerous it is. Forget it, those just useless time wasting mental masturbation. Since the whole thing is a fake engineered scam, you gotto start thinking way head the way the gov are doing. They want to use the virus to bring in the New World Order an to collectively turn on China lead by USA/West. Try to think 8-10 months ahead, maybe even 18 months ahead. What happens AFTER the Corona virus is over? How will the world be different then as compared to today? COme on guys, start thinking.

Jozo Magoc
Jozo Magoc
4 months ago
Reply to  hoyeru

The Western,soulless mutants have nothing to think with! Only robotoid jello in their nutcracked skulls!

Rowdy-Yates
Rowdy-Yates
4 months ago

The point is that this virus is not only contagious but one can catch it again even after recovering from it the first time. That means people will have to learn how to live with a new pathogen like we have done with so many others.
Health and hygiene will have to change but life does not have to come to a grinding halt and stay there indefinitely.

Undecider
Undecider
4 months ago

Government is/are 100% responsible for this mess. They could have ignored Flu Season 2020. Instead, they took it as an opportunity to advance the interests of the Globalists.

CHUCKMAN
4 months ago

“Government officials make decisions based primarily on political calculation.”

That is just one of the classic flaws with any kind of democratic government.

We do not even have democracy, but we sure have some of worst features.

There’s no cure for it.

Enlightened despots have long been admired by some historians and philosophers, but what assurance does anyone have that a person given vast powers will behave in an enlightened way?

You do not have any.

A Putin, an Elizabeth I are very rare persons.

Churchill said it best – as he often did – ‘Democracy is the worst form of government, except for all the others.”

Jozo Magoc
Jozo Magoc
4 months ago
Reply to  CHUCKMAN

It is Démon-rats-CIA!!!

JustPassingThrough
JustPassingThrough
4 months ago

“the draconian measures taken by governments.”

“draconian”? only if u think they did it to contain a virus.
not draconian if they did it to save the cratering financial mkts.

Anti-Empire