Capitalism and Freedom Part VII

The ShadowLands' correspondent on capitalism and freedom, John Butler of the John Butler Trio has some great news about the international economy...

Time for me to 'fess up. I am not an expert on economics - but then, neither are most economics experts.

But what anyone can tell is that when you put two countries together - say North Korea and South Korea, or East Germany and West Germany - the democratic and capitalist society always wins.

So what to make of the international economic crisis? Some say it is the beginning of the end of the United States, and the end of capitalism as we know it.

A much more measured view comes from the respected economics writer, Ross Gittins in today's Sydney Morning Herald. Gittins sticks his neck out by saying:

"I have a feeling that's what will happen this time: a recession that lasts a year or two, with the unemployment rate rising to double figures."

After some deliberation, I would like to put it on the record that my money is that while Government spending is likely to go into deficit, Australia will not go into recession (that being, two quarters of contraction), nor have an unemployment rate that exceeds 7 per cent. There it is.

And how can I be so sure? Economic modelling? Advice from experts?

The reason is simple. Most people who believe that the current economic crisis will have major ramifications are a collection of AGW believers, English Pravda blog contributors, and Larvatus Prodeo commenters. Rest assured, these retards are wrong about everything.