G20: A 'new world order' is simply fantasy

Those who thought that Dr Goebbels came to an end on a stretch of waste ground in Berlin in 1945 have been forced to think again. The piece of theatre that concluded in London on Thursday was one of the great confidence tricks of our lifetimes. As I wrote here a few weeks ago, this international act of posturing was pointless; because despite having caused the problem, the political class had none of the requisite skills to sort it out... [snip]

Capitalism is not too important to be left to capitalists. It has to be left to them. Politicians simply do not understand. They are contaminated by a desire to redistribute, and to regulate, to keep large constituencies of non-productive voters happy. In his [Brown's] drivelling speech on "morality" on Tuesday he castigated people for taking risks. Capitalism is based on risk. The reward for risk is profit. The punishment for bad risk should be bankruptcy.

Roosevelt's New Deal failed because it hindered people from helping themselves. This welfarist event this week risks making the same mistake on an international scale, with its £1 trillion slush fund for wrecked economies. The politicians have left the stage, thank God. Now let us hope they stay off it for as long as possible, and let the people who can sort out this mess get on with doing so – whatever the risk entailed.

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