I have to admit I am stealing this from Stephen’s Blog but adding my own interpretation to it. In the National Post Conrad Black Wrote
We operate in the vortex created by three facts: capitalism works better than any other economic system because it is based on self-interest. That self-interest eventually crowds out caution and leads to a crack-up. And governments are the only salvation, not because they have any aptitude for salvation, as the public sector is generally even less competent than the private sector, but because governments make and enforce laws and control the money supply. They are the last resort, ex officio, not from any natural vocation to make things better.
I disagree with point one, that Capitalism works better than any other economic system because it is based on self-interest. Why? Because the logic is wrong. It could just as easily be argued that Capitalism fails “leads to a crack up,” because of self interest.. Capitalism may work better because there is no viable alternative, and because when capitalists behave ethically a “crack up” will not happen. When self interest “GREED” becomes the driving principle then a crack up is inevitable. Black is the worst offender so his position does not surprise me. Conrad Black to me is a prime example of the type of capitalist that has lead us to our current economic situation. The comment that the public sector is generally even less competent than the private sector, depends on how you perceive competence. How competent is a sector that relies on another to fix its mistakes. Which is more common the private sector bailing out the public sector or the public sector bailing out the private sector? (I know the right will call taxes a bail out but it is not it is a fee for services rendered) Taking out the competence jab, Black is saying “Governments are the only salvation, … because governments make and enforce laws and control the money supply. ” Just what is this last phrase describing? A socialist system. What is funny about this whole thing is that here you have a failed capitalist (Conrad Black – now in Jail) writing in a newspaper (the National Post) that is on the brink of bankruptcy talking about the virtues of capitalism, while admiting some form of social system is needed to make the whole thing work. It would be funny if people’s lives did not depend on this farce. But like all farces the ending is often a happy one.