How the US Became a Banana Republic: "As chief economist at the International Monetary Fund, MIT professor Simon Johnson saw a pattern in bankrupted countries from Argentina to Indonesia: 'The powerful elites within them overreached in good times and took too many risks.' The current US crisis, Johnson writes in the Atlantic , is 'shockingly reminiscent' of an emerging-market basket case—and just as in developing countries, financiers are using government connections 'to prevent precisely the sorts of reforms that are needed.'"
(Via Top Stories from Newser.)
