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What I think people are still missing in all this is that crises of these sorts are not a bug, but a feature, of the system.

If you listen closely to the rhetoric in the US coming from the Republican side, you can hear this. It's why certain politicians are saying the reason for the crisis is too much regulation, not too little. Y'know, let the market find it's floor, don't do anything, let the institutions go tits up, it's all part of god's....er...the market's plan, divine right of Capital dontcha know? 25% unemploymeny? Homeless families? That's what charity is for!

Thing is, some of the social democratic types still think you can play patty-cake with the clowns that brought you this crisis. Rubin, Clinton, Blair, even here certain unnamed members of the PS.

You can't. It's not a black and white thing, but the shading is not liberalism with regulation, the typical "third way" formulation we all hear about those of us on the left who are plugged into the financial world.

No, that really won't do. What is needed is not liberalism with oversight, but socialism with transparency and a reasonable measure of competition.

And it's possible, I'm convinced of it. We had socialism in the financial sector in the 1980's here in France. Mostly nationalised. Just not enough transparency, to which Jerome's bank can attest the downsides. But....while losses and corruption can happen...you don't get this bullshit, crashes threatening entire economies, when the people own the institution and the investments made need to be accountable not to shareholders but to...the people.

So, Jerome is right this week, the theme is, Nationalise!

But....and this is important... let's keep it that way.  

The Hun is always either at your throat or at your feet. Winston Churchill

by r------ on Fri Oct 10th, 2008 at 06:08:53 PM EST

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