Grand Illusion: The Federal Reserve (Part 1 of 3)
I thought I would repost this as I added it to another post, but it I think it deserves it’s own post.
Squeezing the oligarchs, though, is seldom the strategy of choice among emerging-market governments. Quite the contrary: at the outset of the crisis, the oligarchs are usually among the first to get extra help from the government, such as preferential access to foreign currency, or maybe a nice tax break, or—here’s a classic Kremlin bailout technique—the assumption of private debt obligations by the government. Under duress, generosity toward old friends takes many innovative forms. Meanwhile, needing to squeeze someone, most emerging-market governments look first to ordinary working folk—at least until the riots grow too large.
Now Fox is getting in at last. Can’t hide it anymore now I guess or perhaps ratings are slipping. IMF to take over the US and Fed, SEC.