Things do seem to be turning upside down! This article in the FT calls for a temporary full nationalisation of the banks to get out of the current spiral of lack of banking confidence.
I never thought I would see a writer in the FT call for such sweeping nationalisation (albeit he only wants it to be temporary). This is indeed an interesting time.
Friday, October 10, 2008
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It has been said, though, that the last reader of the FT's editorial died in 1992 when they saw the endorsement for Kinnock.
The FT is, of course, pro-market but it is pro-market without illusions. Unlike some of the evangelists on the neoliberal side, I think it's always recognised that a bonfire of all regulations is not bad and that there is an inherent, self-destructive tendency in the market or, rather, that there is a tension between capitalism and the free market.
xD.
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