Via Samizdata, it seems that Nigel Lawson not only agrees, but has been brave enough to say so.
"Democracy is nowadays a greatly over-hyped blessing, particularly by Americans, who have no pre-democratic history to provide a perspective. It is clearly less important than freedom, the rule of law and constitutional government, which ideally it should entrench, but may well not do so."
I had to point this out to some card-carrying member of the Labour Party—who also happened to be a young, well-spoken Oxford graduate—the other day, and it bears repeating: democracy is not an end in itself—freedom is.
In terms of maintaining a reasonable government—in that it provides some checks—democracy is the least bad system so far tried (and true democracy is, possibly, the least bad conceived of). But democracy is not an a priori good, it is not the object of all of our struggles—it is not the endpoint.
Democracy can be, has been, and is, used to oppress and stifle people just as effectively as any dictatorship. Just consider the case of our current government: it has imposed massive taxation (through oppression) and destroyed civil liberties (a means of oppression) and yet it was elected by just 21.6% of the electorate.
Less than a quarter of the voting population actively voted for these fuckers, and that has allowed them to loot and pillage the property of everyone in the country.
Were the government, of course, so fucking tiny and powerless that it could do almost nothing at all, then none of this would matter or, at least the damage done is greatly lessened. Which is why I am a (consequentialist) libertarian.
People who cite democracy as an absolute good are devious fuckwits and should not be trusted as far as you can throw them: they are almost certainly conspiring to steal your freedom and your property to pay for their own, personal fucking morals—and then they will cite the "will of the people" as justification for their looting.
If you are a disgusting little socialist who thinks that it is absolutely fine to steal from people because "democracy said I could", just consider whether you think that hanging Muslims in the streets would be morally right if people voted for it. And don't tell me that it could never happen—have you seen the polling results for the BNP recently...?
Although I found Khaled Hosseini's The Kite Runner to be a slightly hysterical book, the protagonist's father does have one interesting thing to say—that the only absolute moral evil is theft: the theft of someone's life is murder; the theft of someone's freedom is slavery; the theft of someone's property is... well... theft. All are absolute moral wrongs stemming from the same action: theft.