Your Email:

Subject:

Message:
Entry: Be Careful What You Ask For Link: http://www.takimag.com/blogs/article/be_careful_what_you_ask_for#17799 Post contents: <em>There is no “3rd Way”, there are only TWO ways: 1) free markets (colloquially refered to as “capitalism”; or 2) unfree markets (of which “communism” is the most popular moniker).</em> This isn't true. Check out yesterday's Financial Times: <strong><a href="http://www.ft.com/cms/s/0/59266a6c-e090-11dc-b0d7-0000779fd2ac.html">The fall of a financial model</a></strong> "Recent changes in the world economy and financial markets mark the end of the present standard model of financial capitalism, built up over the last decade or so. In this model, financial stability is mainly based on the self-regulation of the financial sector, which alone assesses the risks produced by its financial innovations. . . . The first concerns the significant, yet silent, return of governments to the economic playing field. Three of the five richest nations by total gross domestic product have become de facto neo-mercantilist, setting their sights on trade surpluses. China is keeping its currency artificially low in order to increase its trade surplus and lower its costs of production vis-a-vis competitor countries. Japan is pursuing government-oriented policies to bolster its position in high-technology markets. Finally, and to a lesser degree, Germany has been carrying out reforms to restore industrial competitiveness." Sent at: 2008 05 16