Governments to blame — not the markets

THE “markets” are not the problem, as some people suggest. It is governments that have broken all the rules by spending billions more than it can afford and bailing out failed financial institutions.

By pursuing such reckless spending, governments are rightly being punished by the “markets”. Otherwise, why pay tax at all if we can just borrow and spend ad infinitum?

It is a popular trick for politicians to place the blame elsewhere and the “markets” are an easy scapegoat. But it is government and banks that merit our anger — not the “markets”.