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US Treasury Secretary Hank Paulson can be forgiven for pushing through a rescue plan last week that amounts to a flagrant abuse of contract law and capitalist principles.
Would free marketeers rather see the whole edifice of capitalism burned to the ground to make their point?
Ambrose Evans-Pritchard, Daily Telegraph, 10/12/2007

The seven pillars of global demand over the last year - measured by current account deficits - have been
the United States ($793bn), Spain ($126bn), UK ($87bn), Australia ($50bn), Italy ($48bn), Greece ($42bn), and Turkey ($34bn).

Most are facing a housing bust. All are in trouble.

Thomas Mayer, Europe economist for Deutsche Bank, said the European Central Bank must cut rates immediately, regardless of the lingering inflation threat. "This could go beyond just a normal recession. It could turn into a real economy-wide crunch that we cannot stop," he said.

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