Surrendering Sovereignty: "The IMF Has Inspired More Revolutions Around the World than Marx, Engels and Lenin Combined."
Classical Liberal lays out the score. It ain't pretty.
New word for the day: "Fascialism"
The hallmark of the Obama administration’s economic policy thus far is a forced “partnerships” with dozens of large banks along with General Motors and Chrysler. It is threatening hundreds of other “partnerships” in the name of environmental regulation. And that’s just in the first five months. Mussolini would be envious.
Italian fascism created one gigantic bailout economy. Italian social critic Gaetano Salvemini wrote in his 1936 book, Under the Axe of Fascism, that “It is the state, i.e., the taxpayer, who has become responsible to private enterprise. In Fascist Italy the state pays for the blunders of private enterprise.” “Profit remained to private initiative,” Salvemini wrote, but “the government added the losses to the taxpayers’ burden. Profit is private and individual. Loss is public and social.” Sound familiar? The Classic Liberal Blog
