10,000 pound bet - who will come out best in our financial crisis

[ensho]

the EU or america.

http://www.atimes.com/atimes/Letters.html


Chan Akya is correct to point out in The new Brahmins that the US has now followed Japan, and the Europeans in the past few months, in socializing the costs of financial institution failure. David Wessel's rift in the Wall Street Journal yesterday was on the same theme. I have no complaints with Chan Akya's being a member of the "moral hazard" crowd and his indictment of G7 central bankers as "utterly corrupt". Most of us on the Left are of the same opinion. My position is, perhaps, more extreme as I see systemic, ongoing criminal enterprise where he sees corruption. I see the capitalist system as more a less a pyramid scheme in as much as it cannot exist without exponential growth, and is supported by a large base of working "peasants" whose generated wealth rises to the apex of financial "kings".

-snip-

And my offer of a bet on Europe to emerge less scathed from this financial crisis than the US still goes. I will put up to 10,000 pounds <$19,805> in escrow if he wants to wager, and we'll let his pals at the Financial Times or The Economist judge the winner.

David Sheegog
Paoli, Oklahoma, USA (Apr 2, '08)
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we've been reduced to a bet
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[Ghost Dog]

1. Nice one, thanks. Plenty of good reading

in the snipped part of the letter, and surrounding and linked from there.