Monday, November 3, 2008

"Laissez-Faire, C'est Fini,"

Things are very bad for capitalism. It is not only Obama, it is worse in Europe. 

Ambrose Evans-Pritchard reports:

"Laissez-faire, c'est fini," said President Nicolas Sarkozy. "We will intervene massively whenever a strategic enterprise needs our money."

Such language can now be heard daily across Europe. It can only intensify as the fall-out from the EU's €1.8bn trillion (£1.4 trillion) bank rescue becomes clearer, and as Europe's elites discover that their own banks are the most leveraged in the world and have played their own Wagnerian part in Gotterdammerung

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