Diary

Quote Of The Day

Courtesy of Michael Moynihan:

The point here is simple: Trust no one who declares an end to a system as complex and successful as capitalism, or who sees the current crisis as the long-awaited fulfillment of Marx’s voodoo economics. It was The Guardian’s Simon Jenkins–yes, that Guardian–who first noted that the current meltdown was immediately followed by “journalistic wish-fulfillment and glee,” and observed that his fellow “Guardian writers and Labour politicians have been drooling all week over what they call the `collapse of the free market model.'” Now that globalization has brought unprecedented wealth to developing countries, and has lifted millions out of poverty, it’s time, say the “disaster socialists,” to try it our way.

But capitalism, globalization, and the free market aren’t going anywhere. Yes, unemployment is still only 6 percent–it will most certainly rise–and the stock market isn’t quite in full collapse, but is suffering from periodic seizures. And indeed, we are most certainly heading towards a severe recession. But capitalism is durable, and has sustained itself in far worse situations. So ignore the disaster socialists: They are, after all, only taking advantage of the current crisis to try a little shock therapy of their own. And who could blame them?

Well, I could, but that’s another story.