[FMNN]The Vegas Fallacy


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Tuesday, September 12, 2006

It’s not just in Vegas but wherever there’s gambling (Monte Carlo, the river boats in Mississippi, etc.), a good many people who wish to win big—as opposed to those who just want to have some fun playing around at the tables—believe that somehow, against all odds, they will luck out. And a very, very few do, while thousands and thousands do not. All one needs so as to grasp this is to look at how fabulous the facilities are, how well the house is doing virtually everywhere, and how many people go home poorer than they were when they got there.

But they keep coming back. This is how the welfare state works, as well. Millions of people pay into the system, supporting massive bureaucracies and thousands of politicians, hoping that they will walk away the big winners some day. The politicians and bureaucrats keep promising the winnings but only here and there do they deliver. After all, even though the treasury gains its resources through taxation—in other words, extortion—and borrowing and printing, it still hasn’t enough to satisfy all the hopes and wishes that keep millions of faithful hanging in there rather than demanding that the game be shut down. Except that Vegas is more honest—no one promises that everyone will be a winner, only that some will be, whereas the champions of the welfare state tell everyone that government will help out—government will save us all from disasters, bankruptcies, ill health, ignorance, whatever. Vegas, yes, is far more honest.


Read article at Free Market Network News


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