Argentina, Indonesia, Russia and other so-called “emerging economies” have followed a pattern that’s all too clear to officials of the International Monetary Fund. Entrenched financial elites take too many risks during good times, and when times go bad they can’t pay their debts. But they’ve accumulated so much influence that governments can’t call them to account and the rest of the country suffers.
Is the US Becoming a Banana Republic?
Simon Johnson - Massachusetts Institute of Technology - @baselinescene, Desmond Lachman - former Deputy Director of the Policy and Review, International Monetary Fund, Thomas Ferguson - Professor of Political Science, University of Massachusetts, Michael Mandel - Editor in Chief, Visible Economy