Leaders gathered in Beijing to confront the financial/economic crisis. On November 15, a group of 20 will meet, hosted by Bush. The most vocal person, France’s President Sarcozy, wants more regulation. So does Chinese Premier Wen Jiabao. Their general idea is somehow to make the New Deal type banking and capital market systems work, which means expanding the House that FDR Built atop the foundation of central banking. There will be no fundamental overhaul, no movement toward free markets, and no movement toward sound money. It will be the opposite — an absorption of capital and capital markets into government. … Continue reading The House that FDR Built