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This is a strange article, because I imagine if you were given the forum you must have some kind of qualifications, but I am not even an economist, only a student of economics, and I saw numerous half-truths and flat out mistakes. First of all, the Fed was created in 1913, and government intervention was not created to save us from the Depression, it preceeded it. Second of all, inflation results when too much money is created. The Fed creates the money, and the Fed is responsible for inflation, not the free market.
Thirdly, while not solely responsible, the government played a part in the subprime crisis. The Community Reinvestment Act and an earlier government bailout both contributed to the mess.
I would also be very interested to see the writer quantify his statement about the 'extraordinary fragility' of the modern capitilasist system. Perhaps he is not familiar with the incredible failures of the communist/socialist systems which he seems to be slyly endorsing.
I was truly astounded at the personal bias and historical ignorance of this column. If I had more than 1,000 words I would gladly offer a better examination of these basic historical/economic facts, but as a man who is given the pulpit to influence thousands of readers, I am sure that andrew knows what he's talking about.
