Festival of Dangerous Ideas | Chris Leithner | Let Banks FailSubmitted by PWA on Mon, 11/26/2012 - 10:10
Government intervention - not the rigours of the free market - is the cause of financial mayhem.
Chris Leithner speaking at the Festival of Dangerous Ideas (http://fodi.sydneyoperaho...) on Letting Banks Fail, and in particular how Central Banks already have.
Whereby government intervention - not the rigours of the free market - is the cause of the financial mayhem on Wall Street that becomes economic crises on Main Street. The Global Financial Crisis shows that it is not 'capitalism' (Karl Marx's insult of choice) or 'extreme capitalism (Kevin Rudd's) that has failed but the 'mixed economy'. To stop these crises, we need to free the market and allow it to do its job. In a free society, no bank is so big or important that we shouldn't let it fail.
Related: 10 Planks of the Communist Manifesto