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?
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The US goverrnment has placed the taxpayer and holders of public debt on the hook for all the losses of the financial “industry”. The whole scenario is well given the title “Rape of the Responsible”. What isn’t to be taken by increased taxes will be taken through dollar devaluation by this damnable government, and for what? To shovel money into the pockets of traders and CEO’s of the big “investmewnt” banks, and to guarantee no loss by their shareholders.. These people have profited insanely, ultimately at the expense of the responsible, those who managed their resources carefully, with a view to personal responsibility and to the future and those who come after them. This government and its beneficiaries are cannabilizing America.