
(2012-01-19) On BBC Radio 2, The Jeremy Vine Show, Capitalism. Capitalism didn't give us this crisis, the lack of free markets and sound money did. Government does have a role to play, but it's not proactive. Government's job is to get out of the way. Capitalism should not be condemned, since we haven't had capitalism, we actually currently have a system of fascism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. "Fascism should more properly be called corporatism because it is the merger of state and corporate power." - Benito Mussolini. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political parties. One may condemn the fraud and the current system, but it must be called by its proper names — Keynesian inflationism, interventionism, and corporatism. "In a capitalist system, you have the right to succeed, but you also have the obligation to fail when you don't do a good enough job."
BBC Radio 2
The Jeremy Vine Show
Capitalism
David Cameron
Ed Miliband