Unrestrained Free Market Capitalism On Its Knees

The cavalier approach of the world's financial institutions in recent years has come back to bite them with spades in recent weeks and now we see the ultimate humiliation of unrestrained free market capitalism with the UK's leading banks having to go with the begging bowl to the British government to ensure their very survival.

For too long, the banks have been allowed too much free-reign to play dangerous games with vast amounts of money with no restriction. Given the dependence of functional society on the smooth operation of the markets and the steadiness of business, it was criminally negligent to allow highly-paid bonus-laden idiots in the City to play Russian Roulette with the world's welfare.

The Financial Services Authority has now told the four biggest banks to work out how much money they need to stay afloat in a worst case scenario- in return, the banks will have to cede a significant level of control to the government which, among other things, could involve them having to curb executive pay and agree to resume normal lending to individuals and small businesses. It's believed that the government will have to stump up funds to the tune of £50bn to cover this venture. The ultimate goal is to steady the market and stem the flow of confidence from the system. While it can't exactly be described as nationalisation, it does involve government intervention on a scale unseen in recent times.

This is the death knell of Thatcherism, that most irresponsible and self-serving of 'ideologies'.

Good riddance.