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Lots of people use "The Shock Doctrine" to argue that this is trumped up.

Bruce, do you refer to Naomi Klein's book specifically? It would help if those "lots of people" were concretized.

Actually, Naomi Klein disclaims wide conspiracy theories, noting towards the end of her book that (any or other) shocks happen now so regurlarly that whole economies can be build upon them.

It is an open question how much power the Wall Street community has. If the US state owns $10 trillion to them, who really controls what? Ain't it convenient to that small community that the economy health is measured by a few Dow Jones statistics?

We can tell something about the character of Wall Street eagles after all these years. They employd at least IMF & the World Bank not only to protect their interests (and interest rates) around the developing world. They got bounties of "Chinese character" opportunities through every Friemanian "straight-jacket" shock-therapies and free trade muscles. The selling-out/buying-in of the 1997 Asian crisis alone was worth more than Tchengis Khan could ever loot. I would love to see how a small shock therapy (of not paying up the "bailout" ransom) would help the Wall Street legend.

by das monde on Thu Oct 2nd, 2008 at 01:56:35 PM EST
I am referring to the bloggers abusing the Shock Doctrine to claim that this is a trumped up crisis.

The idea that we can let banks behave this way without eventually having a Banking Panic is silly ... every time before that we allowed commercial banks to behave this way in a primarily industrial economy, we have had Banking Panics.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Oct 2nd, 2008 at 08:23:13 PM EST
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