Here Comes The Wage And Price Controls

Thursday, March 13, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/13/2014

Nearly four thousand years ago, King Hammurabi of Babylon laid out his eponymous “Hammurabi’s Code”, a series of laws that is still famous to this day. Most people know Hammurabi’s Code as “an eye for an eye, a tooth for a tooth”. Yet what few realize is that the code was actually one of the original attempts at government wage and price controls. Today you can see various forms of wage and price controls all over the world– from the blatant (Argentina) to the subtle. Major farm subsidies in the United States, for example, are a form of price controls. Monetary policy (especially keeping interest rates at effectively zero) are a form of price controls. Yet today President Obama is set to lauch another far more obvious form… simply put, the rule of law means nothing.

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