There two kinds of socialism. One is the unenforced kind that we see in Europe today which ultimately collapses under its own denial of economic reality and of human nature. The other is the enforced kind which tries to alter human nature by force to make the flawed system work and invariably ends up becoming both insolvent and tyrannical.

I’m afraid the Obama type will have to fall back on force because it faces enormous obstacles to gaining a grip on the economy in the short term —-and because Obama is surrounded by impatient and ruthless dvisers rather than philanthropic idealists.