Wednesday, 1 October 2008

To Crash or not to Crash

It's alarming, I'm sure you will agree. Trying to arrange some financial stuff today, I asked a financial cogniscento ( as it was a she she is probably a cogniscenta) just what difference the present debacle would make to our proposed plans...she shrugged and said "Anyone's guess!". I suppose that's the best anyone can hope for.

What I hope is, that when all this is over, and we (no doubt ) witness a huge intervention in economic policy by the largest capitalist government in the world....that people will stop saying "The free market will find its own level!!" As if somehow there is such a thing as 'free market'.

Politicians and people are right to be sceptical about what is being proposed here, unregulated intervention to prop up the wealth of the wealthiest. This may be what needs to happen so that those of us further down the chain, who rely on the 'trickle down' effect to function ourselveswill not perish also.

But I rather hope that the expression 'trickle down' (which always rather reminds me of an unfortunate potty-training accident) will disappear too.

I wonder what Milton Friedman would be saying about all this if he were alive today.

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