Is Capitalism saved?

 by Brian Boyd, VTHC Secretary

“The end of raw capitalism … it’s been a nightmare… the U.S. government nationalised corporate giants and now shoulders an alarming burden of responsibility for market failure… this is not what capitalism was meant to look like…  How did it come to this? 

 “The end of CAPITALISM?… Privatised profits, socialised losses – the dilemma now for regulators is how to save capitalism from itself”.

 “The death of the investment bank.”

“New World Disorder”.

 This is the usual commentary expected from ‘left-wing’ newspapers and broadsheets handed out at anti-globalisation rallies.  But they are not. These are the recent headings from big businesses own propaganda daily newspaper: the Australian Financial Review.

 The AFR has championed the resilience and infallibility of the free market for decades.  It has trumpeted that capitalism’s superiority pulled down the ‘iron curtain’ and saw the Berlin Wall dismantled brick by brick. 

 Yet in September 2008 the old fashioned, regularly condemned socialist tools of ‘nationalisation’ and blatant ‘big government intervention’ were used to stop international capitalism from collapsing!  No shame displayed either.  Most free marketeers grabbed the taxpayers’ money with glee.

 To be fair, some free market spin doctors went out there condemning George Bush’s intervention.

 But if he hadn’t, forget about his lack of action of Hurricane Katrina a while back, millions of Americans would have lynched him.

 Meanwhile the powerhouses of Asia-India and China just march on and the short-term sellers are waiting in the wings until the leash is back off.



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