From: [email protected] The central issue is not the size of the overweight financial industry, but that it needs to be nationalized, rationalized, and reoriented to serve public needs rather than private interests. Despite their being conditioned to regard public ownership in the abstract as anathema, I’m convinced that most Americans would rally to the takeover of the unpopular financial, pharmaceutical, and energy industries were any US politician improbably bold enough to propose these as solutions.
==================== This would so run into an enormous body of international financial law and international corporate governance law that plenty of governments across the globe have signed onto and the phalanx of lawyers who would be happy to take a century to litigate while the oceans rise. One need only spend some time with the European Journal of International Law, the American Journal of International Law, International Financial Law Review while having Godley and Lavoie's text on monetary macro handy to appreciate the challenges. In a world of capital flows and currency wars driven by algorithms, adderrall and assholes, it is wishful thinking to embrace nationalization. No, I'm not hinting anyone should just give up. We just need to rapidly reassess the sheer complexity of what we seek to change to slow down and prevent further misery. http://www.iflr.com/Article/3529897/Lending/Too-big-to-fail-RIP.html
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