The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
We're potentially looking at insolvency for the major US financial institutions, huge class-action suits by both bond investors and wrongly foreclosed mortgagees, and the end of the rule of law and/or legal security around property records in the US.
If you take the view that the rule of law and a functioning property register are some of the key institutional factors explaining the success of capitalism in the last couple hundred years, you're potentially looking at the end of capitalism as we know it in the US.
By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
All well and good for a rational person trained in physics and math to think that, but there's a better than even chance you're underestimating the prejudices and corruption inherent in the US "justice system."
Property rights may be more "sacred' in the US than anywhere else (pointing to exactly what's wrong with the civilization as a while), but me bets they're more sacred for financial engineers who own the government than for pigmented people who were sold a bill of goods.
Though it will be interesting to see how Geithner deals with the next Dust Bowl.
"Life shrinks or expands in proportion to one's courage." - Ana´s Nin
by Frank Schnittger - May 26 19 comments
by ARGeezer - May 25 19 comments
by gmoke - May 23
by Frank Schnittger - Apr 30 4 comments
by gmoke - May 15 17 comments
by Frank Schnittger - May 11 265 comments
by Helen - May 18 37 comments
by Frank Schnittger - May 9 12 comments
by Frank Schnittger - May 2619 comments
by ARGeezer - May 2519 comments
by gmoke - May 23
by Helen - May 1837 comments
by gmoke - May 1517 comments
by Frank Schnittger - May 11265 comments
by Frank Schnittger - May 912 comments
by Frank Schnittger - May 76 comments
by Frank Schnittger - May 61 comment
by Frank Schnittger - May 4
by DoDo - May 121 comments
by Frank Schnittger - Apr 304 comments
by gmoke - Apr 287 comments