, Columnist
Free Markets Are the Worst, Except for the Alternatives
Supply and demand will ultimately sort out the distortions that the Fed and pandemic have put the economy through. The ride will be bumpy.
Working through supply and demand in Lillington, North Carolina.
Photograph: Bloomberg
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Free markets are a terrible way to allocate capital. The only worse ways to do it are all the others that have ever been tried. Bear this paraphrase of Winston Churchill on democracy in mind as we look at the change in markets’ direction over the last few days.