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The Banking Crisis Is Opening a New Chapter of Capitalism

Big Take

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The Library of Mistakes

In these crises, each time there's some degree of weirdness that goes on. In a strange way, I'd go back to Adam Smith. He had no doubt at all about the vinality of financiers and capitalists. What worries me about this shift to a more state-directed version of capitalism is you end up with a different set of problems which are harder to fix.

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