“Laughing all the way to the bank”

The following is an excerpt from the amazing article with the above title, which can be found here.

“…Our watershed moment to change the world economic system has not just been squandered, we have inadvertently reinforced the same structures and institutions that have created the mess in the first place…

As Robert Hunter Wade, professor at the London School of Economics, told me this week; regulation is now coming into play that will allow banks to become even more reckless with taxpayers’ money, because they have become too big for any government to allow them to fail…

So we went from having 15 banks to having around six. And these remaining banks have more power as their importance is now set in regulatory stone – and they know it.

Instead of bringing the banking sector to heel – we have given it a kiss of life and pumped it with steroids. And these steroids are financed by the taxpayer.

Secondly, we have strengthened that other financial institution that directly affects almost every home and every individual in the developing world – the International Monetary Fund (IMF)…

We bolstered IMF funds by something close to $1 trillion. This call for fortifying the role of the IMF will be repeated in this week’s G8 summit.

The IMF was used to force neoliberalism – that poisonous cocktail of financial deregulation, free markets, privatisation and the rolling back of the state – on developing countries.

IMF policies have been, despite the heartache, the wrecked lives, the savaging of countries’ agriculture, education and institutions, granted legitimacy during this crisis.

So, all in all, our leaders multilateral solutions to the crisis have been about entrenching the existing world economic order rather than changing it.

But where does this leave us? You know, us in the real economy…”

Click here to read the full article, which has plenty of good insight and proof to back itself up–unlike the garbage spewing from CNN and FOX ‘News’ these days.



2 Responses to “Laughing all the way to the bank”

  1. Pingback: “Laughing all the way to the bank” « acc3ss.info

  2. Pingback: “Laughing all the way to the bank” « acc3ss.info

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