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." - Anaďs Nin
by marco - Apr 22 2 comments
by gmoke - Apr 20
by Cyrille - Apr 20 23 comments
by DoDo - Apr 21 5 comments
by Cyrille - Apr 18 32 comments
by Cyrille - Apr 12 40 comments
by ARGeezer - Apr 18 7 comments
by DoDo - Apr 6 39 comments
by marco - Apr 222 comments
by DoDo - Apr 215 comments
by gmoke - Apr 20
by Cyrille - Apr 2023 comments
by ARGeezer - Apr 187 comments
by Cyrille - Apr 1832 comments
by Oui - Apr 163 comments
by Cyrille - Apr 1240 comments
by Cyrille - Apr 86 comments
by DoDo - Apr 639 comments
by aquilon - Apr 3158 comments
by ARGeezer - Mar 3110 comments
by Zwackus - Mar 2910 comments
by DoDo - Mar 279 comments
by Xavier in Paris - Mar 275 comments