Maggie's Farm

From Karlgaard in Forbes: A Failure of Morals not Capitalism:

Many people do blame capitalism for bringing us to this low moment in the economy. Do they have a point?

They do if capitalism, as they define it, is devoid of any underlying morality. True enough, it is hard to see any underlying morality when one surveys the present carnage caused by liar loans, shady banks, duplicitous politicians, Ponzi schemers and regulators angling for Wall Street jobs.

This weekend, I caught a BBC radio program on the meltdown in “The City”--London’s financial district. The program quoted many young Brit bankers who said morality was a barrier to personal success in The City. Better to have the sociopath gene if one wants to become a billionaire.

Whole thing here.