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It appears that Martin Wolf is moving in your direction:

By these means, the flow of credit should restart. But governments cannot allow banks to gamble freely with the public sector's balance sheet. During the period of the guarantee, governments must exercise close oversight over the institutions they have decided to protect.

The word nationalization has yet to appear, but the framework is there.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Wed Oct 8th, 2008 at 06:32:10 AM EST
but it is a hopelessly confused muddle, and I could not get what his ultimate point was, beyond the need to move away from failed ideas (a good think in itself, I suppose).

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Oct 8th, 2008 at 06:51:41 AM EST
[ Parent ]
Muddled and also a bit self-contradictory, but i just can't spare any deconstruction time right now.  The positive spin on it is that he's trying to get comfortable with massive government intervention, even saying taxpayer balance sheets should profit from their risk-taking (always in terms as if governments were corporations.)  Even more important, that regulation needs to be comprehensive.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed Oct 8th, 2008 at 07:33:38 AM EST
[ Parent ]
Martin Wolf may be, but Jose Manuel Barroso sure doesn't seem to be. In fact, isn't his choice of priorities right now kind of, er... scary, given that he is the European Commission President? Shouldn't we start some sort of fun campaign against him?

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Wed Oct 8th, 2008 at 08:54:23 AM EST
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