Monday, September 22, 2008

Has the US lost faith in capitalism?

Anatole Kaletsky seems to think that the US has lost faith in capitalism. I think that Janet Daley's analysis is more accurate. As with the Roosevelt era, drastic solutions, some temporary, some permanent are required to save America from the worst excesses of capitalism, but don't expert Americans to become overnight converts to socialism. It didn't happen in the 1930s and it won't happen now.

Meanwhile in Britain, there will be enormous pressure within the Labour party to abandon everything it has stood for over the last 15 years and return to the "nationalise, tax and spend" era of 70s and 80s. Gordon Brown is already threatening to bite the hand that his fed his treasury for the last 11 years. New Labour is well and truly dead.