Re: The credit crunch - an effect not a cause

On Sun, 11 May 2008 17:51:02 +0100, Robert Henderson
<philip@[EMAIL PROTECTED]
> wrote:

>In message 
><dd14c629-5839-4a68-b44d-48ad36eafd55@[EMAIL PROTECTED]
>, Mel 
>Rowing <mel.rowing@[EMAIL PROTECTED]
> writes
>>>
>>> Faced with the dangerous mess they have created these ostensible free
>>> marketers have done what they always do when the market fails, they
have
>>> run to government for rescue.
>>
>>An overstatement! It is true that central banks are lenders of last 
>>resort. It's sometimes forgotten that this is one of their functions.
>
>But you have to ask how is a lender of the last resort compatible with 
>laissez faire? RH

it isn't...
neither is nationalised/cartelised money

how extreme do you want your definition of laissez-faire?
private armies?
pre-keynesian idiocy like belief in a natural rate of unemployment?

regards.

-- 
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