Sunday, 21 September 2008

Financial Bailout: America's Own Kleptocracy

The events of the last couple of weeks have been amazing. Amazingly bad that is. The deregulated trading in securitized debts has brought America to its knees - and threatens the world's economic system. But instead of all that free market discipline that was supposed to protect us the "hidden hand" remains hidden - and it is the people who pay taxes who are on the hook - not the crooks who engineered the collapse.

But don't take my word for it - click the title of this piece to read what Michael Huddon has to say about it. Who's he?

President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Super-Imperialism: The Economic Strategy of American Empire (1972 and 2003) and of The Myth of Aid (1971).

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