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It will take a significant change in leadership of economic policy and very radical, coordinated policy actions among all advanced and emerging market economies to avoid this economic and financial disaster.

That has been clear for a while. As long as the diagnostic doesn't identify global financial capitalism, unrestricted capital flows and market fundamentalism as the root causes, the actions taken will be too little, too late and, at best, address the symptoms.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Oct 10th, 2008 at 03:31:45 AM EST

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