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By Eamonn Butler
Published: March 21 2010 19:58 | Last updated: March 21 2010 19:58
It is very hard to play the game of life "â?? or of capitalism "â?? when governments keep changing the rules. Which they do every time they fear that one of the players might actually be losing. It does not matter if the players' loss is down to their own folly; the politicians still rush to turn them into winners. They do not want voters harbouring grudges. But in making sure that everyone wins prizes, they sap the very incentives that drive our social and economic progress.
The point came home to me after I had invested my worldly wealth in Icesave, mesmerised by its 7 per cent interest rates (remember those?). I knew this rate was probably too good to be true and that I was taking a risk. Not a total risk, because Icesave was registered in the UK, so the first £35,000 was guaranteed by the government's Financial Services Compensation Scheme.
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