Economic guru finally says it

Here is an excerpt from Market Oracle:

By: Gary_North

Niall Ferguson is an academic hotshot. He is a professor at both Harvard University and the Harvard Business School. This is unique. He is both an economist and an historian. This is rare. He writes very well. He writes widely respected books and very readable articles.
“Of course, history offers more than just the lesson that financial accidents will happen. One of the most important historical truths is that the first draft of history – the version that gets written on the spot by journalists and other contemporaries – is nearly always wrong. So though superficially this crisis seems like a defeat for Smith, Hayek, and Friedman, and a victory for Marx, Keynes, and Polanyi, that might well turn out to be wrong. Far from having been caused by unregulated free markets, this crisis may have been caused by distortions of the market from ill-advised government actions: explicit and implicit guarantees to supersize banks, inappropriate empowerment of rating agencies, disastrously loose monetary policy, bad regulation of big insurers, systematic encouragement of reckless mortgage lending – not to mention distortions of currency markets by central bank intervention.”

Finally an economic guru puts it all together and says the obvious. Despite all the liberal blather about "capitalism failed," out here in the real world we see that massive government intervention was required to cause capitalism to fail in this way. Screwing with capitalism so much then blaming it is like filling up your Corolla's gas tank with maple syrup then complaining that Toyota's suck because your car won't even start. It's ridiculous. Ultimately, the world sees through the anticapitalist gibberish and follows the track record. In the last year 131 countries became more capitalist.

Capitalism isn't perfect, but it has clearly proven throughout its history that it is by far the best we have. If someone comes up with something better, let's take a look at it. For now the main alternatives are based on Marx, which in terms of results is not even funny to bring up.