Mending our own pockets, setting system stabilization above profit maximization and long-term survival above short-term constraints is vital for an open, dynamic and future-friendly world.
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
to read Simon Johnson's article published in: The Atlantic, May 2009, click on
http://www.theatlantic.com/doc/print/200905/imf-advice
Original: The Quiet Coup