We're reading Sean O'Grady's article in today's Independent: "... no amount of taxpayer money, no vote in Congress or the Commons and no speech by a president or prime minister can now fully restore the confidence that has been drained from the system during a year of brutal capitalist "creative destruction." Confidence is the magical ingredient that makes our system work, the thing that allows Keynes' "animal spirits" to take off, and create businesses and wealth. And, as we have seen from the billions wiped from the stock markets yesterday, it is simply beyond price. Without it, there is merely fear."
I'm not convinced about needing to emulate "animal spirits" but our next post recalls the words of U.S. president Franklin D. Roosevelt.