{"id":330180,"date":"2010-02-17T03:41:00","date_gmt":"2010-02-17T08:41:00","guid":{"rendered":"tag:blogger.com,1999:blog-1752027331714385066.post-6071910346184347880"},"modified":"2010-02-17T03:41:34","modified_gmt":"2010-02-17T08:41:34","slug":"pat-chaote-in-saving-capitalism","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/330180","title":{"rendered":"Pat Chaote in ‘Saving Capitalism’"},"content":{"rendered":"
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Pat Chaote has published a book titled \u2018Saving Capitalism\u2019.  <\/span>I heartily recommend it as mandatory reading for all Americans.<\/o:p><\/span><\/div>\n
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This is a short history of what has gone wrong over the past decade and also why.  <\/span>I have already posted that the cause of the financial disaster was outright treason.  <\/span>This is the first economist to come out and spell out the details.  <\/span>He adds to my own observations and for exactly the same reasons.  <\/span><\/o:p><\/span><\/div>\n
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He also rings the bell on the advent of state sponsored capitalism.  <\/span>This is not going to go away and must be vigorously regulated.  <\/span>This is an area that I admit I was aware of but had been happy to largely ignore.  <\/span>That is not a good idea.  <\/span>We do not have to wait here for human stupidity to arise before we act.<\/o:p><\/span><\/div>\n
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He outlines several excellent recommendations to remedy the situation that need to be implemented.  <\/span>It is likely that this will not happen during Obama\u2019s tenure.<\/o:p><\/span><\/div>\n
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He rightly describes the present situation as a depression with a small capital.  <\/span><\/o:p><\/span><\/div>\n
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If you want to understand what is presently taking place in the USA<\/st1:place><\/st1:country-region>, then get this book.<\/o:p><\/span><\/div>\n
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As he clearly points out, the collapse has mirrored the collapse of the Great Depression.  <\/span>We are now entering the second phase of the collapse cycle, were good business is strangled for cash and a second wave of massive layoffs is in store.  <\/span>People with good jobs and partially paid for homes will suddenly find themselves forced into liquidation.<\/o:p><\/span><\/div>\n
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That is the present risk that must be averted.  <\/span>It is now that you want to be scared.  <\/span>Saving Wall Street cannot save Main Street<\/st1:address><\/st1:street> if the banking industry is unable to lend.<\/o:p><\/span><\/div>\n
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California<\/span><\/st1:state> is on the verge of collapse and must internalize its banking arrangements as soon as possible in the same way as was done by Montana<\/st1:state> and Alberta<\/st1:place><\/st1:state> during the Depression.  <\/span>It is the only way in which the political forces in the state can be brought to heel.<\/o:p><\/span><\/div>\n
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Europe is struggling to contain Greece<\/st1:place><\/st1:country-region> and may not succeed.  <\/span>In that case, expect the currency arrangements to become at least partially unstuck until it gets sorted out.<\/o:p><\/span><\/div>\n
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Pat Chaote has published a book titled \u2018Saving Capitalism\u2019.  I heartily recommend it as mandatory reading for all Americans. This is a short history of what has gone wrong over the past decade and also why.  I have already posted that the cause of the financial disaster was outright treason.  This is the first economist […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-330180","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/330180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=330180"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/330180\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=330180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=330180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=330180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}