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These third parties are likely to have eclectic policy combinations. For example, the fast-emerging True Finn Party in Finland is a mix of cultural (ethnic/religious) conservatism and hostility to the European Union, but pro-social benefits for Finns. The hallmark of third parties will be nationalistic and “do what it takes” economically to protect the middle class from the global pressures.

If we are lucky in the United States, this will be a historic opportunity for the re-emergence of a starkly deregulated free market.

President Obama has enacted in his first two years - and is in the process of politically road testing - a classic, big, statist government response to economic hardship. Unless it succeeds beyond expectation, Mr. Obama will have established a failed template against which future economic proposals will be aggressively contrasted.

Franklin D. Roosevelt’s New Deal never could have been sold to the public in the absence of the perceived failure of Hooverism. Deregulated free markets would not be given a serious reconsideration across the political spectrum without the imminently manifest failure of the Obama model.

Tony Blankley is the author of “American Grit: What It Will Take to Survive and Win in the 21st Century” (Regnery, 2009) and vice president of the Edelman public relations firm in Washington.