An excellent snippet from the Wall Street Journal -- Bush sounding strong to the end!
In the meantime, this weekend's meeting is shaping up as a largely political event, one that's giving some beleaguered figures such as U.K. Prime Minister Gordon Brown a chance to show themselves as leaders on the world stage. For many, particularly leaders in Europe, it's also a chance to lay the blame for the crisis at the feet of the U.S. -- a charge that Mr. Bush is likely to continue to try to deflect. White House officials have noted for example that European banks showed themselves to be even more vulnerable in the crisis than U.S. banks, although they were supposedly much more tightly regulated.
For his part, the outgoing U.S. president seems to be concerned not only with the U.S. public, but also with people in developing countries who might be put off by the financial chaos that's currently on display.
"Ultimately, the best evidence for free market capitalism is its performance compared to other economic systems," Mr. Bush said Thursday. "Free markets allowed Japan -- an island nation with few natural resources -- to recover from war and grow into the world's second-largest economy. Free markets allowed South Korea to make itself one of the most technologically advanced societies in the world. Free markets turned small areas like Singapore, Hong Kong, and Taiwan into global economic players. And today, the success of the world's largest economies comes from their embrace of free markets.
"Meanwhile, nations that have pursued other models have experienced devastating results. Soviet communism starved millions, bankrupted an empire, and collapsed as decisively as the Berlin Wall. Cuba, once known for its vast fields of cane, is now forced to ration sugar. And while Iran sits atop giant oil reserves, its people cannot put enough gasoline in their cars.
"The record is unmistakable: If you seek economic growth, if you seek opportunity, if you seek social justice and human dignity, the free market system is the way. The triumph of free market capitalism has been proven across time, geography, culture, and faith. And it would a terrible mistake to allow a few months of crisis to undermine 60 years of success."
Mr. Bush is also in New York to address a United Nations conference on religious tolerance and to meet with King Abdullah of Saudi Arabia.
Bush Defends American Capitalism Ahead of G-20 Summit - WSJ.com
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