By Ben Cohen
Alan Greenspan’s recent comments in the Financial Times are the biggest sign I’ve seen so far that the U.S government has no other option than to nationalize the banking system. Greenspan, the poster child of neo liberal economics, accepted the idea of nationalization in the face of the huge economic meltdown:
”It may be necessary to temporarily nationalise some banks in order to
facilitate a swift and orderly restructuring,”he said. “I understand
that once in a hundred years this is what you do.”
Yes, and it’s only once in a hundred years when we have people like Greenspan running the economy – a factor he is yet to acknowledge.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.