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Too Stupid To Act

December 6, 2009

If any country provides unlimited government support for its financial system, while not implementing orderly bankruptcy-type procedures for insolvent large institutions, and refusing to take on serious governance reform and downsizing for major troubled banks, it would be castigated by the United States and come under pressure from the IMF.  Yet this is the approach that the U.S. has implemented.

from Baseline

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