“It’s A Scary Picture”: Midwest Farming Turmoil Being Compared To 2008 Housing Crisis
27th June 2019
The government spends billions of dollars on paying farmers not to grow crops, and to buy up their crops in order to support the prices. The reason this happens is because farmers are one of the most politically powerful lobbies in Washington, augmented by the dimwits who think that there is some sort of cultural icon value in ‘saving the family farm’, which is like ‘saving the buggy whip shops’. Most of this money eventually winds up in the hands of the agricultural conglomerates eventually, and they’re laughing all the way to the bank.
Google ‘Schumpeter creative destruction’ and read.
I suggest that this is God telling the agricultural industry — because, now, it is an industry — to get with the modern world.
As with an earthquake, all that such domestic protectionism accomplishes is to make the change, when it comes, more violent and destructive than it otherwise would have been. The longer it is delayed, the worse the result will be.