This is perhaps the best and most insightful article I have read on the financial crisis and its economic, social and political repercussions.
Economic Fascism and the Bailout Economy, by Gary North, via the Ludwig von Mises Institute. If you aren’t a regular reader of the Mises website, you should be.
Anyone who does not understand the magnitude of what is taking place is an economic ignoramus.
The American political system has been soft-core fascist for almost a century. Liberals love to call conservatives fascists. The problem is, the liberals are right. Of course, well-informed conservatives like to call liberals fascists, and they are correct, too. Everyone who believes in the efficiency of the so-called government-business alliance is a fascist.
The fascist state has always been an attempt to control private industry by means of inflation, taxation, and regulation.
Do I see this as the end of freedom? No, I see it is the end of the fascist state. The monstrosity came close to going belly-up last October. It is on its last, tottering legs. It has lost the respect of the public.
We are seeing the bankruptcy of every Western government that has made too many big promises to too many voters regarding free healthcare and guaranteed retirement. All of it will collapse. The tatters of the promises will point to the tatters of those who made the promises — politicians — and the tatters of the system that was supposedly going to guarantee delivery of the promises.
The academics still believe in the healing power of the state. The voters still believe this, too. But voters are catching on more rapidly than the academics that the state is running out of wiggle room. Millions of voters have figured out that they are going to get stiffed. They don’t know what to do about it, but at least they understand that they really are going to get stiffed.