Who’s laughing now?
October 5, 2008In regards to the “Global” financial crisis, I think this article sums up my feelings perfectly.
There has been a good deal of talk in recent weeks about imminent economic armageddon. In fact, this is far from being the end of capitalism. The frantic scrambling in Washington marks the passing of only one type of capitalism - the peculiar and highly unstable variety that has existed in America over the past 20 years. This experiment in financial laissez-faire has imploded. While the impact of the collapse will be felt everywhere, the market economies that resisted American-style deregulation will best weather the storm.
I’ve always been a believer in Market regulation, and these events prove that support may have been justified. Hopefully, lessons will be learnt from these events. But somehow, considering the nature of those involved, I doubt it.
