From today's George Will column:

In 1945, Britain's Labor Party explained its nationalization policies by saying that socialism should include government "control of the commanding heights of the economy."

In 1945 Britain, this meant the stuff of industrialism -- iron, steel, coal, railroads, etc. In 1945, Aneurin Bevan, a leading Labor politician, said: "Britain is an island bedded on coal and surrounded by fish; only an organizing genius could produce a coal shortage and a fish shortage simultaneously." Socialism soon produced that.

Today, the commanding heights of America's economy are financial services, and regarding them, the line between the public and private sectors is being blurred to indistinctness. What is the American equivalent of coal and fish? We might find out.

I often talk of getting rid of the Fed.  When I do so, a good friend of mine likes to chirp back, "And replace it with what?"

I'm afraid that we are about to find out.