Tuesday, 22 April 2008

Privately religious

Apparently Eamonn Butler is the author of some book about how to love the free market, which is about to be published. You might think it would be a problem for him that the privately owned banks have made such a hash of things that they have to be bailed out by the state. Well it is, but he turns it into an opportunity by arguing in the Times that it's all the fault of governments.

As an exercise in blind faith, it's quite impressive. It follows the usual theological path of making up more and more preposterous arguments to explain why the world is after all flat, why the sun goes round the earth etc. Apparently, it is too much regulation that has caused the banks to devise increasingly dodgy financial products that are now considered toxic. Please...

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