What Jesse Says …
Over at Cafe Americain, Jesse links to an article in the Atlantic called “The Quiet Coup.” Jesse excerpts the following paragraphs under the heading, “If You Read Nothing Else About the Financial Crisis, Read (and Remember) This …”
“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.”
This has been another edition of What Jesse Says. And people wonder why I think the U.S. dollar is going to lose its place as the world’s reserve currency. We are turning into a banana republic, that’s why!
Am I too obsessed with this? How do you, a typical American, feel about the financial industry’s influence in our government?
Related posts:
- Gold Stats and Chart I’m talking to Al Korelin at 2:00; I assume it’s...
- Seven Great Pieces of Advice for America In Foreign Policy magazine (hat-tip Barry Rithholz), Edward Luttwak...
- Hooray for Friday … Sort Of The news continues to horrify me and fascinate me in...
- Sunday Reading The LA Times has a neat interactive feature that lets...
- Thursday — Here’s What I’m Reading Yesterday, we saw a late-day sell-off, led by bank shares...
{ 0 comments… add one now }