Australia’s Prime Minister, an ex-Goldman Sachs Banker, Warns G20 to “Civilize Capitalism”, by Mish.

Turnbull was chairman and managing director of Goldman Sachs Australia (1997–2001) and a partner with Goldman Sachs and Co (1998–2001). …

[Turnbull today told] Leaders of the world’s 20 largest economies have been warned that they must “civilize capitalism” as they seek to revive economic growth and address growing public scepticism about the benefits of free trade and globalisation. …

Mish is an economist:

Instead of trying to “civilize capitalism”, I suggest we try capitalism and free markets instead of massive amounts of quantitative easing [money printing by another name], central bank sponsored wealth inequality schemes, bank bailouts, and manipulations of every asset class on the planet, coupled with free handouts to millions of refugees at the expense of everyone else.

As you read today’s Wentworth Report, ask yourself whether what Turnbull says rings true, or whether it is a modern equivalent of an out-of-touch upper class twit saying “Let them eat cake!”.

hat-tip Philip Barton