Sandy:
You are absolutely correct. Taking the shortened version of the quote to the extreme would not serve anyone well, however, the spirit of it is highly applicable to the present economic situation.
The world is presently in the midst of an economic slowdown in which not a small number of individuals find themselves without employment, and a significant number of the rest are worried that they could be next. Boom and bust cycles are inseparable from any market or activity that bears the imprint of human psychology (i.e. all of them), and there is nothing new under the sun. From Old Testament cyclical troubles, to Tulipmania in Holland, to the modern economic business cycle, such downturns are necessary, predictable, and
temporary
.
Unsurprisingly, many fearful individuals are turning to governments to provide shelter from worry. The question to be answered is, are the freedoms that must be surrendered "essential"? Given that the sacrifice of liberty is almost always a one-way street (how often do governments voluntarily give up power they have grasped?), I would venture that any additional vesting of power in other than individual hands should be considered very carefully indeed.
Unfortunately, the Old Testament teaches us that wisdom often does not survive the generation that possesses it ("you are worshiping a golden what?"), and that subsequent generations must frequently learn things the hard way, as did their elders.
We may feast on goose liver today, but I am fearful for the future supply of golden eggs.
Subprime Friedman von Hayek
