The good news in Fareed Zakaria’s latest Newsweek column is that Zakaria doesn’t buy into the “gloom and doom” notion that the current financial scare signals the end of capitalism.
The bad news is that Zakaria does buy into another dangerous myth:
The history of capitalism is filled with credit crises, panics, financial meltdowns, and recessions.
Actually, that’s the history of government interference in the natural market processes associated with capitalism. Decades before our current problems, Ludwig von Mises warned us that the boom-and-bust cycle is attributable to government efforts.
