"The now inevitable nationalization of Fannie and Freddie is the most radical regime change in global economic and financial affairs in decades. For the last twenty years after the collapse of the USSR, the fall of the Iron Curtain and the economic reforms in China and other emerging market economies the world economy has moved away from state ownership of the economy and towards privatization of previously stated owned enterprises. This trends was aggressively supported the United States that preached right and left the benefits of free markets and free private enterprise."You can easily guess what the acronym USSRA stands for, but you'd better read the entertaining whole article here.
Sep 9, 2008
New kid on the block: the USSRA (Roubini Edition)
This is the entry of the new column by Nouriel Roubini, the most hated economist by investment bankers, on his highly read and interesting RGEmonitor website: