I agree with much of the article but I have seen many posts on this site gloating about how the current economic crisis has been brought about by the collapse of capitalism precipitated by greedy bankers etc.

The counter argument is that the crisis was actually caused and exacerbated by government meddling and intervention in the market- from the US encouraging private companies to give home loans to the indigent to our own government bailing out the banks.

As always, the truth lies somewhere between but I am not convinced that the “solutions” for a new world order that Brown would want to emerge from the G20 summit are likely to be helpful.

To anyone.

Pagar:

Capitalism digs it’s own grave. Some of those on the left that blame this on ‘greedy bankers’, overlook that it is systemic problems and not simplistic issues such as lack of morality that are causing this crisis. Capitalism can only secure eternal economic growth, and legitimate political support in infinite spaces. The universe may be infinite, but planet Earth is not. The system’s tendency to over-production will always use up finite resources at an ever expanding rate. I couldn’t care either way whether Climate Change is man-made or natural – either way I’d be shocked if capitalism survives until the middle of 21st century. For those who want regulation, it will make little difference, expect perhaps to bring the collapse of the system to a less catastrophic conclusion.

Always amusing to see a Tory quoting The European Commission to make his case.

The Right never gets irony.

In case you missed it here is the earlier one:
http://www.youtube.com/watch?v=XDwQEEAZhWM

Perhaps you should mention that to Gordon Brown who considers a weak pound the mark of a weak government ?

Has he ever got anyhting right Chris ?

Steve @2 The universe may be infinite, but planet Earth is not. The system’s tendency to over-production will always use up finite resources at an ever expanding rate.

My memory of economics tells me that the laws of supply and demand worked against over production. You might make a case for conserving the finite resources of the earth but I would be much more confident in capitalism finding something to sell people other than oil than I would be in a command economy rationing it.

It is a fact that, one day in the future, the sun will burn out and the earth will freeze and become lifeless. Very sad, but we would be mad to base our political and economic decisions on how we might prevent it.

Sally – isn’t it more the case that the European Parliament allows people like Brown to be criticised whereas British institutions – as amended in recent decades – mean that he can just ignore ordinary MPs.

There is more heard about non-profit-distributing companies now than I have ever before heard. And about ethical banking, too: Triodos back in the media recently. In public transport, Scotland is musing about possibly finding such a company to take over the Scotrail franchise, and Network Rail is already an NPD company. Good news for public services, when matched with strong and positive regulation (new boss just appointed for the Office of Rail Regulation, I read – hope she – Anna Walker – builds successfully on the good work of Chris Bolt) and customer-facing policy…