In my current addled state, I don't have the capability to write clearly and concisely enough to address just how truly fucked up the global financial situation is. It's easy for me to state what I find to be obvious, like AIG being an utter sham which is now being operated as a conduit through which to pass money to vested interests. Getting all my references for this statement together and putting out a coherent piece is the problem.

So, for now, I'll just point at an interesting and thoroughly depressing piece, titled America is Being Looted.  The main quote:

The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

The author of the piece goes on to demonstrate just how true this statement is.  It's not a fun read, but hard truths are needed more than ever these days.

Posted by: Hermit Dave at 03:50 PM | No Comments | Add Comment
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