> There needs to be a mechanism to punish people who persist in allocating capital in wealth-destroying ways.
But the cost of recessions, especially pre-Keynsian ones, falls most heavily on workers?
> but the US has been on the warpath to protect people from having to recognise that they keep giving their money to charlatans
They keep electing them. There's a huge popular demand for charlatans backed up by the charlatan news channel. It's probably going to result in a Liz Truss level financial disaster at some point.
> But the cost of recessions, especially pre-Keynsian ones, falls most heavily on workers?
I dunno, does it? Why do you think that? Who is the cost of bad capital allocation going to fall on? I'm not expecting any millionaires to go hungry or do without in their old age, or lack housing and goods in their youth. The people eating the brunt of it are workers. They can't save money.
But the cost of recessions, especially pre-Keynsian ones, falls most heavily on workers?
> but the US has been on the warpath to protect people from having to recognise that they keep giving their money to charlatans
They keep electing them. There's a huge popular demand for charlatans backed up by the charlatan news channel. It's probably going to result in a Liz Truss level financial disaster at some point.