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The Quiet Coup-How the financial industry took over the government [View All]

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-27-09 09:38 AM
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The Quiet Coup-How the financial industry took over the government
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..... a description of how the financial industry took over the government, much like in most banana republics, and how the only way to properly wind this down is to shrink the power and influence of the industry, as would be done in any other emerging country when the bankers grow too big and the elites start stealing everything. This is must reading

http://www.dailykos.com/storyonly/2009/3/27/713563/-If-... ...


The Quiet Coup

May 2009 Atlantic

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 governmenta state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMFs 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, were running out of time.

by Simon Johnson

One thing you learn rather quickly when working at the International Monetary Fund is that no one is ever very happy to see you. Typically, your clients come in only after private capital has abandoned them, after regional trading-bloc partners have been unable to throw a strong enough lifeline, after last-ditch attempts to borrow from powerful friends like China or the European Union have fallen through. Youre never at the top of anyones dance card.

....................

But I must tell you, to IMF officials, all of these crises looked depressingly similar. Each country, of course, needed a loan, but more than that, each needed to make big changes so that the loan could really work. Almost always, countries in crisis need to learn to live within their means after a period of excessexports must be increased, and imports cutand the goal is to do this without the most horrible of recessions. Naturally, the funds economists spend time figuring out the policiesbudget, money supply, and the likethat make sense in this context. Yet the economic solution is seldom very hard to work out.

....

http://www.theatlantic.com/doc/200905/imf-advice
4 pages
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