I’ve never heard of the radical 1980 London based market reforms from called the Big Bang, but I find it hard to believe that any financial system founded on the communist institutions of central banks (a government monopoly on the means of production of a good is a decent definition of communism) could possibly be mistaken for unfettered capitalism. Naturally the competition unleashed by the Big Bang is the source of today’s financial problems. This sounds like the same old tired tripe from central planners to me.
You would think the WSJ would know better, but I guess it’s a statist organ like any other.
I had not heard of Big Bang either, but I find it hard to believe that Big Bang is what caused this problem. There was no unfettered capitalism involved with the global market collapse, and it is global. Central banking is a huge part of the problem, and governments telling people to whom they will loan money to is a major part of the problem. Then there is the debt being racked up by most countries. If all almost every government is running a deficit, then who is it that has the money to fund all of this debt spending? I know China is/has been cash rich, but they do not have enough to fund the world.
When people realize that all governments are broke and these shell games are going to collapse all economies there will be unstopable chaos. This blaming the banks and financial institutions is a power grab by central planners that is going to further collapse countries further.
As for the WSJ, about the only part that is not progressive is the editorial page, and I have not read it lately to see if that has changed.