Say says it all

I’ve been reading A Treatise on Political Economy by Jean-Baptiste Say.  In a discussion on money and the “unfixing” of its value from silver Say notes (63) that at first the practice was opposed by the Law, saying, “Law strenuously opposed the innovation…”.  He continues, however, “…but principle was compelled to give way to power; and the crimes of power, when the consequences began to be felt, were confidently attributed to the fallacy of the principle.”

How’s that for a one sentence summary of 21st century political economy?