This an interesting essay written by Simon Johnson, a professor at MIT’s Sloan School of Management, and chief economist at the International Monetary Fund during 2007 and 2008.
He suggests that the finance industry has taken control of the U.S. government and the biggest transfer of wealth is happen right before our eyes.-Lou
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.-Simon Johnson
Read Here:
http://www.theatlantic.com/doc/print/200905/imf-advice
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