LATEST NEWS FROM PARTNER CAP X
8 May 2017
Socialism's true legacy is immorality - Greece can never pay its debts. So why not admit it? - What do French millennials see in Le Pen? - Don't demonise payday lenders - let them help tackle poverty
The case for capitalism - as opposed to socialism - is generally thought to be results-based. Socialists may mean well, but capitalism works. That may be true, but why should defenders of the market concede the moral high ground? The pursuit of equality tends towards dictatorship, is grossly unfair and morally corrupting. Far from fostering brotherhood between people, it makes them suspicious and resentful.
Another Greek bailout, another failure to face up to the hard truth that the country cannot afford to pay its debts. The IMF has accepted this reality, but eurozone politicians continue to shy away from admitting to their electorates that they will never get all their money back. Meanwhile, Greece's misery continues. What is the point of impoverishing a nation while still losing the money?
When French voters decide between Emmanuel Macron and Marine Le Pen in Sunday's Presidential run-off, they have a clear choice: outward-looking, market-friendly centrism or xenophobic protectionism. The surprise is that the latter has proved popular among young French voters. Far-right politics is usually driven by older voters keen to turn back the clock. Why is France different?
For Britain's poorest, a credit crisis can be an almost daily occurrence. When they need a financial buffer, they can end up paying punitive overdraft fees and high payday loan rates. Worse still, they can end up at the mercy of illegal lenders. The Centre for Social Justice has a simple idea that could fix the problem: back-banking. Might it offer the poorest the financial support they need without creating an undue risk of default?
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