Here’s a very good article written by the former chief economist for the International Monetary Fund dealing with how the US has been more or less captured by the financial elites while offering a way out of this mess. It won’t be pleasant reading to many folks, seeing how the current US economic crisis neatly compares to past ones from countries we would make fun of in the past over their financial improprieties. If you know people who still think we’ve hit the ‘bottom’ and that recovery is on the way, this article would be a good corrective.
Mr. Johnson’s proposed plan isn’t fun, but it sounds like it would provide the ‘come to Jesus’ moment that this country really needs to start clearing this mess off the books. Naturally it’s therefore political dynamite to our two major political parties who thrive on donations from the financial sector.