Restoring Competition to Markets

Austrian economist Joseph Schumpeter used the term "creative destruction" to describe the natural process "that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one." To Schumpeter, creative destruction was the "essential fact about capitalism."

The Creative Destruction Meetup Group is dedicated to the proposition that creative destruction is essential to human progress, peaceful society, and prosperity. Interruption of this process by government or any other forceful means produces illusory benefits at best.

The government response to the so-called credit crisis has, as investor Jim Rogers noted, rewarded the incompetent at the expense of the competent and is fundamentally immoral. Worse still, elected officials and bureaucrats have now enshrined in law and regulation a monstrous doctrine fundamentally incompatible with the rule of law, rights of property and contract, and free operation of the market: the "Too Big to Fail" Doctrine (or, to use the truth-destroying euphemism now fashionable among empty suits and dim-witted bureaucrats, the idea of "Systemically-Important Institutions").

This group rejects the "Too Big to Fail" Doctrine and recognizes it for what it is: a logical and economic absurdity; a ridiculous impossibility; a vain attempt to confuse the public; an intellectual con job. Anything that is Too Big to Fail is too big to exist and too big to be allowed to compete with mere mortals.

The government has effectively declared war on capitalism and entrepreneurs. It has declared that certain firms will not be allowed to fail no matter how feckless their operations. The competent will be taxed, and the children of the competent will be taxed, and the grandchildren of the competent will taxed in order to maintain the market positions of firms that were reckless beyond comprehension.

Join this group to restore free and fair competition to the financial markets.