Tim Geithner’s Stress Test: Can the Government Do No Wrong?
By Mark Skousen Editor, Forecasts & Strategies |
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A few make an exception for the banking system itself, defending the government’s guarantee of money market funds, for example; otherwise, the whole system would have collapsed.
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I suspect the best solution was to do something in between these two extremes. To “do nothing,” the extreme Austrian position, would have resulted in a total collapse of our monetary system and probably would have caused chaos and rioting in all the major cities in the United States and most of the world. I doubt if it would have caused a return to the gold standard, but rather a discrediting of the capitalist model and a rise of totalitarian regimes.
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Geithner expressed concern about “moral hazard” and supported the growth in regulating the financial centers with Sarbanes-Oxley and Dodd-Frank legislation. The result is a series of troublesome characteristics of today’s financial system: too big to fail… and too big to sail… in sum, a slow-growth economy. There is no free lunch.
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