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Commentary :: Labor
The Crisis and Beyond: Thinking Outside the Box
25 Jun 2012
Claude Hillinger is a professor of economics at the University of Munich. The "Quiet Coup" or Great Bank Robbery occurred when trillions were passed to the banks and private losses became public losses. Prof. Hillinger explains the necessary shrivelling of the financial sector and the restoration of trust and public spirit.
In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. He discusses alternatives to the financial bailouts and shows how the crisis could have been dealt with more efficiently and at little cost to taxpayers. Finally, the author discusses fundamental reforms that would reduce the volatility of financial markets and increase their efficiency. He reviews some social science literature that views the current crisis as an episode in the secular decline of the United States and more generally of the Western Democracies. The timidity of current reforms, which is striking when compared to those that followed the excesses of the Gilded Age and the Great Depression, can be understood in this framework. The author concludes that the industrialized world is now dominated by a ‘financial-political complex’ that maximizes speculative profits in good times and socializes losses in times of crisis.

to read "The Crisis and Beyond: Thinking Outside the Box," 2010, 63pp, click on

http://www.economics-ejournal.org/economics/discussionpapers/2010-1/coun

to read "How to deal with the US financial crisis at no cost to the taxpayer," 2008, 6pp, click on

http://www.paecon.net/PAEReview/issue48/Hillinger48.pdf
See also:
http://www.freembtranslations.net
http://www.wearemany.org
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