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GLENN: Capitalism is what's failing. The government just isn't big enough. That's why America is struggling. There just hasn't been enough oversight from the people we can trust in Washington. There just isn't enough governmental oversight on the world stage. If they could just get an economic security council, well, then we could do to the economy what the United Nations has done to war. Wouldn't that be fantastic? That would be great.
If capitalism is failing, which it isn't, capitalism is not the problem. Capitalism is just the vehicle. Somebody has to get in and give the GPS coordinates and tell the vehicle exactly where to go. Capitalism is dispassionate. Capitalism just is. It's what people do with it.
For instance, fascism, is fascism bad? My Uncle Leo, sitting at a restaurant with me and the family just a few months ago, he's about 90 something years old now, right off the boat from Italy. "And let me tell you something else. Mussolini was a good man!" "Shhh." And he started talking to me about how Mussolini -- and that's how Mussolini was viewed until the end until people hung him with a wire, about you that was a different story. In the beginning Mussolini was a good man, Mussolini was a benevolent dictator. Fascism was loved here in America. It is the way to rule in the future. That's what all the liberal elite thought at the time. Of course, they were also studying eugenics at the time, which kind of went poorly, too. I'm glad we put science right back in her rightful place, hmmm? Fascism could be good if you have a dictator who is good. Fascism could be bad if you have a dictator who is bad. It just is.
But let's look at capitalism itself. Is capitalism failing? Is freedom a bad thing? Should there be more government? Is the problem really only with those countries that have just all this economic freedom, that they just -- you know what the problem is. There's just not enough regulation. Well, the good people at the Heritage Foundation, they put out this survey every year. It's an index really more than a survey. It's an index of economic freedom. It is the most complete and objective measure that you're going to find on how economically free any country is on planet Earth. For example, Hong Kong is the most free with very little restriction. Very little restriction, very little taxation, very little government control. Hong Kong, isn't that the one that's really, really successful? Isn't it Hong Kong? Isn't that weird. In last place is North Korea, where all the earnings pretty much go to cover up the strokes of Kim Jung Il. I'm just saying. That's speculation. I don't know. Got it? Smallest government, Hong Kong. Most controlling, Kim Jung Il. And everything else is in between. So we're not just talking about what kind of system of government. We're talking really about how big the government is, how oppressive the government is. You know our problems here in the U.S. We're six. We're the sixth most free, economically speaking, nation on Earth. I can't believe we're not number one. But we're number six. Out of 179 countries, we're number 6 on the economic freedom index. You know our problems so we don't have to worry about the United States. At number six we're screwed up. But remember it's capitalism. It's that we have too much freedom. The British government, less free economically than we are. They have less government involved. They are number 10. Their debt has equaled to 44% of GDP before the crisis, before the crisis. There was a news report out yesterday or day before yesterday out of England where they took over the bank of Scotland. The United Kingdom may be bankrupt. It may go bankrupt. It is so bad, it may go bankrupt. They are number 10 on the economic -- see, too much freedom, not enough government.
Well, let's look at the other scale. How about Nigeria, number 117 on economic freedom. The president disclosed to ministers while addressing them at this year's first executive council meeting, the first one that declining national revenue, sharp fall in the value of shares and crashing of their currency are some of the major indicators that the global crisis is already affecting their country. Wait a minute, what happened to Nigeria? They've got lots of government control. The Japanese, number 19, double almost of Great Britain. They have even more, double the amount of Great Britain. We're number 6; they're number 19. The prime minister came out swinging at his party's annual convention on Sunday, vowing to overcome political opposition and pass economic measures despite plummeting popularity. He also said that he remained confident that Japan could climb out of this financial downturn. So Japan, how about Italy? Number 76 on the economic freedom list, a lot of control. Have you ever tried to do business over in -- have you tried to mail a letter in Italy? 76 on the economic freedom index. Their debt is now about 120% of GDP. They've just been downgraded. Italy is in a tailspin. The Germans, number 25, they are in a tailspin. Merkel just said that the government's planned $65 billion economic stimulus package, they doubt that it will work. How about Indian, number 123 out of 176 countries, 123rd least free -- or most free, their stock market is down 37%. Their debt is 58% of GDP before the crisis. Singapore, number 2 on the list, more free than we are. Debt, 96% of GDP before the crisis. They lowered their growth forecast twice in the last couple of weeks. China, how about China? China's communist. China's not free. 132 on the economic freedom index. Their debt is 18% of GDP, yet their factories are closing. Australia, number 3, more free than we are. Their debt is 16% of GDP. The wealth, however, of average Australians has plummeted by a record 9%, or $19,000 for every man, woman and child. Venezuelan, what is that, totalitarian, communist? Sean Penn's haven? Out of 176, economically free countries, they rank 174. They're on the verge of economic collapse. They couldn't get a lot of the things passed before the collapse because they were running out of money. They couldn't do it. Iceland, number 64 -- I'm sorry, number 14. Half as free as we are on this list. Iceland collapsed. South Korea, number 40. Economy shrunk in the fourth quarter last year for the first time in a decade according to the Central Bank. I should mention that North Korea claims they are insulated from the crisis because they are completely self-sufficient. But the average South Korean lives on about 50 times what the average North Korean does. So I don't know how significant that is. And also Kim Jung Il shot an 18 the first time he played golf, the first time he played golf.
So what's the pattern here? Can we think like doctors for a second? Think like doctors for just a second and think of countries as patients. You're in the emergency room. All these patients come in. One doctor looks at you and says, "They're all capitalists. They're all failing and that's patient zero over there" and points to you. You're brought over. "Okay, quarantine this guy." Quarantine this guy. All right, all right. You're all capitalist here? Well, now all of a sudden people start raising their hands and saying, no, no, no, I'm totalitarian, no, I'm communist, no, I'm socialist. Well, I'm kind of a hybrid. No, I'm full-fledged capitalist. I'm more capitalist than those guys, I'm more free than those guys are.
Well, now the doctor says he can either treat -- oh, yeah, they are all capitalists and that is patient zero, or they can all look at all of them and say, "Well, wait a minute, they don't all have that in common. TNT they don't all have that in common. What do they have in common? Eventually the doctor would say, where did you guys all eat? If they all ate at the same restaurant, then the doctor would say, "Call the Department of Health; shut the restaurant down. Find out what's in that restaurant. Find out what they're serving people because something's poison in that restaurant." Tonight on television at 5:00 I think I know what that restaurant is. They only have one thing in common. We'll begin our conversation tonight at 5:00 on TV and continue our conversation over the days here on this program. That's on the Fox News Channel at 5:00.
You think about it today. I've been thinking about it. Try to make a list in your own mind. What do they have in common? I have to stop here for a commercial break.