Fall and Decline of the American Empire

Adrian Day's Global Analyst (10/15/2008)
"Think about it: one man, Paulson, calls into his office the CEOs of eight leading banks; tells them the government is going to “invest” in their firms; that they don’t have a choice; gives them a paper with the terms which are non-negotiable; and puts restrictions on various activities of these private companies. Oh, and there’s no need to bring it up with your board of directors because they have no say in the matter. Who does that put you in mind of if not Mussolini?

I am sorry if my words appear intemperate to some, but we are witnessing now an episode that will be recounted, centuries hence, as central to “the decline and fall of the American empire”.

So let’s end with some humour. Fed chairman Ben Bernanke said today that the Federal Reserve will create new mechanisms to limit asset price bubbles. You’ve got to laugh."

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