Friday, January 30, 2009

Even Socialists Think The Bailouts Are Insane

Would you have ever imagined that you would read about the Russian Prime Minister lecturing the United States on the dangers of socialism? Courtesy of The Times:

Vladimir Putin, the Russian Prime Minister, launched a swingeing attack on Western financial rescue packages yesterday, calling for a new world order to reverse the financial crisis.

On his first visit to the World Economic Forum in Davos, Mr Putin called the crisis a “perfect storm” that had arisen from a world dominated by the US. He said that only a rebalancing of global power could cure the problem and that financial stimulus packages of the kind agreed by Washington and London could lead them down a path well-worn by Moscow while doing little to aid recovery.

“Interference of the State, the belief in the omnipotence of the State: that is a reaction to market failures,” Mr Putin said in his keynote address at the opening of the four-day meeting. “There is a temptation to expand direct interference of state in economy. In the Soviet Union that became an absolute. We paid a very dear price for that.”

When your senior senator and his buddies need lessons on the free market from Vladimir Putin, it is time for a change.

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