Over the past two months, Europe's problems seem to have disappeared from the headlines. However, the new French Socialist government is pushing ahead with policies that favor significantly higher government spending, greater regulation of business and commerce, and severely higher taxes on high earners. The long term effects of these policies, which I believe will lead to further economic decline, may be given fresh scrutiny if France is drawn into a lasting conflict in West Africa as a result of its surprise intervention in Mali last week. The financial discussions that will certainly accompany a longer term strategic commitment to the...
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A close look at how the Soviet Union was controlled, its economy a basket case of central planning, gives a perspective to what is happening now. The US and most of Europe are ruled by a political class that increasingly controls everything in the economy. The model appears to be duplicating the USSR. Unless something happens to change course, the old socialist model will go bankrupt, because of the same reasons the USSR died. However, look at Estonia, free at last and fiscally sound. It won't be the end of the world; just the end of Keynes and Marx.
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