The Torygraph's leader writers appear to have fallen hook, line, and sinker, for the usual mafia bilge that more mafia control is required. Here is their appallingly stupid leader piece: Nationalisation of banks should be strictly temporary.
Here is the Maturin Towers response:
Posted by Jack Maturin on October 12, 2008 10:31 AM
Dear Lord, when will the cabal who write the Telegraph leaders finally get it? Of course nobody has behaved rationally in the last few years, and this includes any Telegraph leader writer who has borrowed against the increasing price of their property to fund consumption activities.
The reason nobody has acted rationally is nothing to do with the free market. It has been entirely due to the profligate way in which centrally planned government-run banks, particularly the Fed and the Bank of England, have been flooding their economies with credit created out of thin air.
Via the mechanisms of artificially-low interest rates and open market operations, these government planning boards have fooled everyone else into thinking they were wealthier than they truly were, via these acts of monetary destruction.
If you or I were to do what they have done, we would quite rightly be called criminals and counterfeiters.
In creating all of this extra fiduciary media, from thin air, they have benefitted their ruling governments which have been able to spend without taxing, and borrow without consequence, with all government bonds eventually being soaked up via open market operations.
This has then brought us to this dreadful state of affairs, along with all of this counterfeit cash being leveraged by the fractional reserve system, which governments also fully approve of and regulate.
Please, please, please, Telegraph leader writers, do not be fooled by too many cosy lunches with Treasury mandarins and Bank of England officials. If you want to see where the problems are coming from, just look at these civil servants and know your enemy.
To suppose that the same people who deliberately created this mess for short-term political advantage are going to do anything else except make it even worse, for short-term political advantage, is to make yourselves fools for believing them.
You really are better than that. So please stop preaching that this is the fault of the free market. What we have is financial socialism dictated over by central bank planning boards. What they propose is even more socialism.
Do you really think that this is going to lead to anything other than more chaos, less freedom, and greater wealth destruction? You obviously never learned the lessons of the Soviet Gulag if that is what you sincerely believe.