You can’t turn on the television or pick up a newspaper without seeing the word “stimulus.” It makes me crazy. I guess if you give government spending a new name that makes it O.K. and people nod their heads and agree, not wishing to contradict the academics and politicians who claim to know what they’re doing. Nobody says, if these guys know what they’re doing, why was this allowed to happen? Why didn’t they at least warn us? Even if you leave aside the issue of economic theories, doesn’t this suggest that there’s a wee competence problem? Apparently not. The addition of 2+2 is well beyond the mathematical compentence of either lawyers or journalists, it appears, and the academics are so wrapped up in their pyramids of nonsense that they cannot see the absurdity of it all. It is so sad. There is going to be so much prolonged misery as a result of this unwillingness to deal with reality.

However, there is at least one head of state which his head properly screwed on, and it is Vladimir Putin. He is not a nice man (GWB’s buddy? might as well befriend a cobra), but he is not a stupid man by any means. Far from it. His speech at Davos illustrates this.

The entire economic growth system, where one regional centre prints money without respite and consumes material wealth, while another regional centre manufactures inexpensive goods and saves money printed by other governments, has suffered a major setback….

…. Excessive intervention in economic activity and blind faith in the state’s omnipotence is another possible mistake.

True, the state’s increased role in times of crisis is a natural reaction to market setbacks. Instead of streamlining market mechanisms, some are tempted to expand state economic intervention to the greatest possible extent.

The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.

In the 20th century, the Soviet Union made the state’s role absolute. In the long run, this made the Soviet economy totally uncompetitive. This lesson cost us dearly. I am sure nobody wants to see it repeated.

Nor should we turn a blind eye to the fact that the spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors and shareholders for their decisions, is being eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.

And one more point: anti-crisis measures should not escalate into financial populism and a refusal to implement responsible macroeconomic policies. The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.

And this from the former head of the KGB, for pity’s sake. If he can see it, why can’t anyone? Hello, hello, is anyone listening? OK, enough ranting. For today anyway. No promises about tomorrow.