The Spectator’s Notes | 18 October 2008

Nearly 20 years ago, after the Tiananmen Square massacres, The Spectator campaigned for all Hong Kong people to be given British passports. Part of our argument was that, if they all had the passports, very few of them would want to come here: they would have the confidence to stay. That, in essence, is the same reasoning that the governments of the Western world are using when they prop up the banks. Banks only lend because they can get their money back, yet if they all try to get their money back, they cannot lend. When they are all terrified, therefore, some external agency has to remove the fear. That external agency has to be government, or governments. I do not see anything very ideological in this. Anyone who believes in any form of state authority at all surely recognises that there are emergencies when government has to cut the Gordian knot.