(fwd) Bankers poised to avert Wall Street crash

Doug Henwood dhenwood at panix.com
Mon Sep 14 08:40:26 PDT 1998

tmsa at ibm.net quoted from The Independent:

> America is the last country on earth
> to be affected by a crisis that has
> snowballed precisely because other
> nations have not imitated America
> well enough. Any country that wants
> the benefits of membership of the
> club of advanced economies is, it
> seems, going to have to turn itself
> into pretty much a carbon copy of
> models that range from the
> Anglo-Saxon all the way to the
> German. (There is a big
> question-mark over the Japanese
> version.)

Wow, now that explains it! Which part haven't they imitated? The high poverty rate? The big consumer and foreign debts? Maybe we can discover life on Mars so that the earth as a whole could become a net debtor!

Only a year ago, the British media were happily talking about the triumph of the Anglo-American model. Now, with Britain looking rocky and British exporters choking on the high pound, it's apparently become just the American model. Of course this comes from a paper that was founded to emulate U.S.-style "objective" journalism.


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