The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
by Simon Johnson
Provocative piece from Simon Johnson in the current The Atlantic magazine on the "triumph" of the U.S. banking oligarchs. Worth reading in its length entirety.
The Quiet Coup
http://www.theatlantic.com/...
Let’s see if Obama admin can ‘walk their recent talk’ and swing the regulation pendulum back. If not, he’s a one termer.
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