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Yes, large exit taxes on international capital movements would have to be introduced. Stiglitz mentions them as a sound policy in the wake of the 1997 Asian currency crisis. He strongly criticises capital market liberalisation and rallies against "the ideology of Market Fundamentalism" (his wording, not mine) in the IMF and the US Tresury. (He forgot the EU Commission, but his book was written during the Prodi years so it wasn't that obvious)

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 Sep 19th, 2008 at 07:44:01 AM EST
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I don't know if you've seen it already but Stiglitz has stated in a rather interesting interview three days ago that:

...the fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism -- it tells the world that this way of economic organization turns out not to be sustainable. In the end, everyone says, that model doesn't work. This moment is a marker that the claims of financial market liberalization were bogus.


The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Fri Sep 19th, 2008 at 08:39:50 AM EST
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We sure are witnessing a historic development they'll still be talking about in 50 years time.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Fri Sep 19th, 2008 at 09:04:05 AM EST
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Yeah, like the crash of 1929. We're still talking about it 80 years later.

But 50 years after the crash, Reagan and Thatcher got into power and unleashed Friedmanomics on the unsuspecting masses.

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 Sep 19th, 2008 at 09:10:48 AM EST
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