Blame Socialism
People losing their homes, the unemployed, bank closures, rising healthcare costs, and the BP oil spill are all recent examples according to the ignorant masses and statist (one in the same) of free market failings. Correcting market failure can only be accomplished by a labyrinth of government bureaucracies dictating regulations that cover the minutest details in everyday life.
As noted many times before, the argument for government intervention in the free market is of course based on a fallacy. You cannot logically blame something that does not exist in the first place. Free markets do not include a central bank manipulating the cost of money. Free markets do not include bureaucrats telling a producer the minimum amount to pay their employees or what benefits they must offer. The free market does not have government reaching into the pockets of people and extracting a chunk of their wealth. The free market does not have government subsidizing housing, medicine, education, agriculture, energy, and hundreds of other industries. Backstops against failure are not part of the free market playbook. For at least the past hundred years, the government at all levels has increasingly molded private transactions into a form that looks nothing like a society based on voluntary exchange.
The governments of Europe and their central banking partners are rapidly crumbling. The extent of the damage is so great that trillions of dollars are needed to just keep the boat floating for a few more months. Across the United States the roll of municipalities declaring bankruptcy grows daily. The accumulated debt of numerous states like Illinois and California makes Greece look frugal. The total liability of the federal government that includes Medicare and Social Security dwarfs the world’s wealth. Individuals around the globe are in danger of being swept out into a sea of financial ruin by the massive government debt wave circling the earth.
What is to blame for all of this? Not the free market, it does not exist. When the Federal Reserve set out on a course of bailing out Europe yesterday in a clandestine operation, Ron Paul summed it up best. According to Paul, the action by the Federal Reserve essentially bailed out socialism.