The world economy is plainly in a poor state, but it could get a lot worse. This is a time to put dogma and politics to one side and concentrate on pragmatic answers. That means more government intervention and co-operation in the short term than taxpayers, politicians or indeed free-market newspapers would normally like.
This is from an editorial published by the Economist. Let me repeat, in case you missed. Not the Socialist Worker or the EPW, but the Economist. (this merits a spot on Ripley's believe it or not).
Wow! What next? Amit Varma giving link love to left-leaning economists? Oh wait. Damn!
You know something is not right with this world when the leftists start bothering about spending taxpayer dollars and the free-marketers clamour for government intervention. Heck, even the indomitable free-market Vaikuntha's dwarpals like Chanda, Prachanda, Bhadra, Subhadra, Jaya, Vijaya, Dhata and Vidhata are all silent while the evil governments of the world are looting their maid's money. To make matters worse. Nilu has declared,'Puke is passe.'
Depression looms I tell you. All these ominous signs portend so.
6 comments:
ghor kalyug hain bhaiyya
You might be interested in this post of mine.
I am not so much looking for a libertarian's response to the bailout. I am more interested in knowing how libertarian policies were not directly responsible for this debacle. We have always been told that deregulation is good, let the markets run themselves.
But that didn't seem to work, did it?
I hate to say this, but quit being obsessed with what other people write on the blog.
PS. Don't point out the recursion, comments are not included :@)
A discussion has been happening on Kunal's blog and I have made a post of my response to him.
@Abhi
Please see my response in the comment thread of the post Chetan refers to.
Another point -- small busts and cycles are natural parts of the free market. What makes them worse are bad policies. And yes, in the current instance, those bad policies were not libertarian. You seem to think that deregulation caused the crisis. Can you explain why hedge funds are doing better than other investments, despite the fact that they are the least regulated?
If you wish to have more details than I put in that comment, I'll be happy to provide it.
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