The cry of “free markets” hides the age-truth that national economies are planned and governments have always played a key role. By creating currency, adding incentives, collecting taxes, offering grants and loans, covering disaster costs, offering worker benefits, and granting special franchises and rights, governments change public power into private wealth.
Romney wants to take the power away from government and move it to the hands of bankers, who have a long and short term history of acting recklessly. Whether the Reformation’s Jacob Frugger or the post-industrial Jamie Dimon, bankers have made huge wrong bets. Yet they demand to control and direct the money and surplus value of labor and production by lending it—as they see their privilege—to interests they solely decide without oversight. Follow Romney’s plan, and high finance will again soon end up on the low road.