You probably know the old Chinese curse, "May you live in interesting times." I heard it first 30 years ago from an economics professor - my mentor, in fact. He was lecturing about the problems Austrian economic models predict when banking is controlled by government. There are, I know, politicians and pundits who blame the financial crisis on a "lack of regulation." Frankly, anybody who says that has failed the IQ test, or perhaps the ethics test. For all practical purposes, the American banking system is a branch of the federal government. It has been for decades. (more)
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