INDEPENDENT NEWS

Nine Day Fortnight Is Economic Lunacy

Published: Fri 24 Apr 2009 11:27 AM
PRESS RELEASE
FOR IMMEDIATE RELEASE
Recession
Nine Day Fortnight Is Economic Lunacy
Echoing comments made by Austrian economists such as George Reisman and Peter Schiff, Libertarianz leader Richard McGrath said attempts by governments to intervene during a time of market correction will prove counter-productive and costly in the long run.
“The nine-day fortnight is just the latest example of voodoo economics, promoted by ignoramuses, whereby successful businesses will be forced to subsidise the unsuccessful,” said Dr McGrath. “The alternative would be for the government to stand back, and allow successful industries and employers to expand and flourish so they can soak up unemployment by hiring staff and reallocating resources from failing enterprises.”
“The reality is that some businesses have to be allowed to go under,” he added. “There is no point propping up doomed industries and companies whose products are unwanted or whose structure is unsound. Winners – those who sell products and services for which there is actual demand – should not be sacrificed to losers. Governments have a bad habit of backing losers, or for turning those they try to support into losers. The Libertarianz Party believe in allowing the necessary adjustment in trade markets to occur without political interference.”
ENDS

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