(Simon Johnson) in his article published by The Atlantic Online, had put forward the thesis that the American economy has acquired the properties characteristic of oligarchic Third World countries. We have allowed the border between the banks and power erode to such an extent that Washington actually disobeyed Wall Street. In the financial sector accumulated so much money and power that is now in the period of severe crisis and the government, and both parties to forget about other problems of the economy for the benefit of the banking system.
Such a system in which power is in the hands of wealthy elites who are interested only by self-interest, people usually expect to see in developing countries - Russia, Argentina, Eastern Europe and Southeast Asia.
If such a situation exists in any other of the world, the International Monetary Fund stepped in and began to fight against corruption. He would suggest to temporarily nationalize the banks, then crush them or give them to disintegrate. And his advice would have to follow, because otherwise the country would be foiled in complete anarchy.
On the other hand, the United States - not one of the smaller economies, which could affect the IMF. We believe in the reliability of our economic system, and have convinced themselves that what is good for banks and good for the country. As a result, our government is ready to pull out money from the pockets of American citizens and give them to banks, if only to guarantee that they will succumb. The government even agreed to provide public funds, private debt, and now overcharged, not morgnuv eye. As Johnson writes, it reminds him of the Kremlin in the nineties.
Years ago, back in 1998, Washington 'boys club' ridiculed Bruksli Bourn (Brooksley Born) which had the audacity to propose measures to regulate credit-default swaps. All those who then took part in this - Alan Greenspan (Alan Greenspan), Paul Rubin (Paul Rubin), Arthur Levitt (Arthur Levitt) and Adviser to the President on the Economy, Larry Summers (Larry Summers) is spared, not listened to her words.
A few months after the dispute Bourn, left the post of head of the Commission on urgent exchange trade. Her reputation in the eyes of President Clinton ruined a conflict with the powerful banking elite in favor of maintaining the status quo.
The war, which announced Bourn Treasury, Fed, Wall Street and the White House, only one of many examples of bad policy, which was a few decades. Deregulation initiated by Reagan Administration, has completed its cycle, and eventually we are left with a devastated economy. However, instead of which intertwine nuts, the government continues to maintain policies that plays into the hands of financiers, and strengthens the old system. President Obama as it tries to regulate the problem banks, but his policies are loopholes, and monitors their application of the Minister of Finance Gaytner (Geithner) - sansculotte partisan ideals Wall Street.
Will be in a position any other country except the United States, ridiculously obvious viciousness of our political and financial system, led to only contempt. Other countries would have deprived us of funding, and we would have to stoop to the IMF, vymalivaya rescue. And he, in return for aid would have required us to have adopted laws that explode our old banking cartels.
Of course, the United States is not going to tease the IMF loans - we are, in fact, the main creditor of the organization, but from our side it would be wise to follow some of the directives issued by them. We need to fully nationalize the banks and allow the weak point fall on the same, which are strong enough to survive, it is necessary to impose restrictions that are not repeated again.
This will cost us money. According to the IMF, only cleaning the banking system will cost us 1.5 trillion dollars. However, better to spend a half trillion to solve the problem, what to do, how we came so far. We have already spent so much trying to keep our failing financial system, and nothing is achieved.
America - is no exception and the same must comply with the rules and regulations of financial responsibility, as any country in the world. If we do not pay attention to other apparent problems of our economy, we could at least serious about the financial sector, rather than continue the old, destructive policies.
Such a system in which power is in the hands of wealthy elites who are interested only by self-interest, people usually expect to see in developing countries - Russia, Argentina, Eastern Europe and Southeast Asia.
If such a situation exists in any other of the world, the International Monetary Fund stepped in and began to fight against corruption. He would suggest to temporarily nationalize the banks, then crush them or give them to disintegrate. And his advice would have to follow, because otherwise the country would be foiled in complete anarchy.
On the other hand, the United States - not one of the smaller economies, which could affect the IMF. We believe in the reliability of our economic system, and have convinced themselves that what is good for banks and good for the country. As a result, our government is ready to pull out money from the pockets of American citizens and give them to banks, if only to guarantee that they will succumb. The government even agreed to provide public funds, private debt, and now overcharged, not morgnuv eye. As Johnson writes, it reminds him of the Kremlin in the nineties.
Years ago, back in 1998, Washington 'boys club' ridiculed Bruksli Bourn (Brooksley Born) which had the audacity to propose measures to regulate credit-default swaps. All those who then took part in this - Alan Greenspan (Alan Greenspan), Paul Rubin (Paul Rubin), Arthur Levitt (Arthur Levitt) and Adviser to the President on the Economy, Larry Summers (Larry Summers) is spared, not listened to her words.
A few months after the dispute Bourn, left the post of head of the Commission on urgent exchange trade. Her reputation in the eyes of President Clinton ruined a conflict with the powerful banking elite in favor of maintaining the status quo.
The war, which announced Bourn Treasury, Fed, Wall Street and the White House, only one of many examples of bad policy, which was a few decades. Deregulation initiated by Reagan Administration, has completed its cycle, and eventually we are left with a devastated economy. However, instead of which intertwine nuts, the government continues to maintain policies that plays into the hands of financiers, and strengthens the old system. President Obama as it tries to regulate the problem banks, but his policies are loopholes, and monitors their application of the Minister of Finance Gaytner (Geithner) - sansculotte partisan ideals Wall Street.
Will be in a position any other country except the United States, ridiculously obvious viciousness of our political and financial system, led to only contempt. Other countries would have deprived us of funding, and we would have to stoop to the IMF, vymalivaya rescue. And he, in return for aid would have required us to have adopted laws that explode our old banking cartels.
Of course, the United States is not going to tease the IMF loans - we are, in fact, the main creditor of the organization, but from our side it would be wise to follow some of the directives issued by them. We need to fully nationalize the banks and allow the weak point fall on the same, which are strong enough to survive, it is necessary to impose restrictions that are not repeated again.
This will cost us money. According to the IMF, only cleaning the banking system will cost us 1.5 trillion dollars. However, better to spend a half trillion to solve the problem, what to do, how we came so far. We have already spent so much trying to keep our failing financial system, and nothing is achieved.
America - is no exception and the same must comply with the rules and regulations of financial responsibility, as any country in the world. If we do not pay attention to other apparent problems of our economy, we could at least serious about the financial sector, rather than continue the old, destructive policies.
(Craig Harrington), aprel2009
OpEdNews.com, United States
OpEdNews.com, United States
No comments:
Post a Comment