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Our Casino Economies
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Presently we are sacrificing the real economy via bailouts and stimulus packages to try and save the bubble economy.As Tarpley has noted the German Govt has taken action to ban credit default swaps and bring in a Tobin tax on speculative market practises such as derivatives.
Tarpley argues that the free market has failed and we should like the Chinese Govt intervene spending money on infrastructure.This is well and good Govt does have a role in such things.I don't think it has been a failure of the free market.The free market must operate within the confines of a set of fair rules.These rules have been stripped away and we should not fall for total Govt planning of our economies as a reaction to this financial crisis.
I think that the prime function of Govt is to be a referee and not a player in our lives driving us to this nanny state,which is so obiviously a failure.
If a game of footy decends into chaos because the referee does not know the rules or fails to implement them,it does not mean that the ref should become a player to remedy the situation.