Over the years, I have often taken the position that I was more a socialist than a capitalist, that I treasured more the way European and Scandavian nations dealt with the social aspects of the economy, whether health care, day care, access to education, systems to avoid outright poverty. In none of these conversations did I ever envision the government nationalizing our major banks!
And yet today, the Financial Times argues that we are seeing the phenomenon of the governments of the United Kingdom and United States nationalize the banks. The amount of financial intervention is virtually unprecented.
It is hard to believe that the most anti-capitalistic intervention is being spawned by the unregulated markets that have dominated our economies. It is a strange outcome indeed!
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