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The Forum > Article Comments > Global crisis: how far to go? Part I > Comments

Global crisis: how far to go? Part I : Comments

By Branko Milanovic, published 17/10/2008

Mistrust over lending grips the globe, but a wiser, more nimble US could emerge from the chaos.

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Very good.Where are all those free traders, who so deplore any government intervention in the marketplace? Heard from any lately?
Posted by Grim, Saturday, 18 October 2008 6:06:42 AM
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To be fair, it's not the free traders who have requested government intervention but the governments that have decided to intervene for their own reasons. And of course every 'crisis' -- economic or environmental or military -- inevitably ends up putting more power in the hands of the government. After a huge swing towards deregulation in the late 20th century we are seeing a swing back towards regulation. The difference is that the case for deregulation was argued openly over time: but re-regulation is being imposed on a fearful population by government decree. The painful lessons John Howard taught us about government by scaremongering seem to have been forgotten.
Posted by Jon J, Saturday, 18 October 2008 8:14:20 AM
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"To be fair, it's not the free traders who have requested government intervention but the governments that have decided to intervene for their own reasons"
which planet are you from, again?
"Bush instigates $700b bailout, stock market rallies".
"Senate rejects bailout plan, market slumps".
"Senate approves amended bailout plan, market rallies".
"Bailout plan queried: 'is it enough?' market drops again".
The next sentence is another Zinger: "And of course every 'crisis' -- economic or environmental or military -- inevitably ends up putting more power in the hands of the government".
Heard about this new thing? Democracy, government of the people, for the people, by the people?
Let's just try that sentence again, shall we?
"And of course every 'crisis' -- economic or environmental or military -- inevitably ends up putting more power in the hands of the PEOPLE.
Bummer.
Posted by Grim, Saturday, 18 October 2008 5:08:48 PM
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The question is, government, when assumes power; does it use said power mainly assist the unions/labour, corporates or citizens? When government helps the corporates over the other two its called, "State Capitalism". Market capitalism and free markets are more a characteristic of a free democracy. I think Voltaire, Rousseau, Adam Smith & Ralph Waldo Emerson would turning in their graves at how the power is being used sustain the status quo in power/influence.

The market should be allowed to work, within the frame of democracy and market capitalism, to allow some of today's rich to become new paupers and some of today's paupers, the new rich. The catch is today's rich, enjoined with today's powerful, feel they must act to protect themselves, even over the fittest in the free market, rather fall
Posted by Oliver, Sunday, 19 October 2008 8:46:43 PM
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Oliver,
Your comment is precise and accurate.

Now when you consider the first $250 billion of the US bailout went to the 9 largest banks in the US and almost all of them from the Regional New York Federal Reserve ... well... when coupled with both Bernanke and Paulson coming from The New York Regional Reserve.

Your synopsis is exact.
Posted by keith, Monday, 20 October 2008 4:52:33 PM
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