The year 2009 was a modestly tolerable one for capitalism, but not at all for capitalist culture, or the advancement of free minds in freer markets. While the aftershocks of the financial crisis continued to be felt, the global financial system seemed more adept at absorbing bad news. The relative ease with which markets moved beyond the Dubai crisis of December, and news that the United States had shed a relatively low 11,000 jobs in November, were telltale signs of growing confidence. You have to be careful not to overstate the point. Massive debt traps still exist, and the long-term costs of pumping so much liquidity into the markets will have negative consequences on the pace of future growth. The past year, Barack Obama’s first as US president, also brought many questions about Washington’s future overseas policies, which will doubtlessly have a profound economic impact. Obama announced a “surge”
