29 November 2007
कापितालिस्म vssocialism
Financial markets embrace capitalism in good times. In bad times, Financial markets re-discover socialism.Banks have played their "nuclear" option well. The specter of "systemic risk," whether real or not, is one a central banker cannot ignore. The strategy has attracted little scrutiny or comment despite being implemented by unelected officials with public money and without any transparent political debate.
In a 1998 speech during the Asian financial crisis, Lawrence Summers, then Deputy Secretary of the US Treasury preached the merits of American-style "transparency and disclosure." A new term – "crony capitalism" – was coined to describe the cozy relationship between Asian governments' regulators and the private sector. It seems that crony capitalism is not exclusive to emerging markets.
The banks continue to privatize gains and socialize losses. Socialism for Wall Street will prevail, once again.-----This article is being brought to you by Minyan Satyajit Das, a risk consultant and author of Traders, Guns & Money
Keep stay long donot need to worry when time of get out comes will warn you nothing wrong yet
by erectusplus at 17:34:00 |
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