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This is a momentous day in the history of capitalism, as governments the world over prepare to take huge stakes in the hitherto independent banks that have driven the West's economic success. For believers in free markets, the bailout is nothing short of a calamity. But when the only alternative appears to be the meltdown of our entire financial system, economic survival is all that matters. If it works, the massive rescue operation will be seen as a triumph for Gordon Brown and Alistair Darling. For the measures being adopted worldwide are based on their model for Britain. Gordon Brown, pictured here with French President Nicolas Sarkozy, has become a model for Europe - assuming the plan works And if it fails? The consequences for political reputations, at home or abroad, will be the least of anyone's worries. Whatever... [read full story]
