Monday 23 Jul 2018 | 06:17 | SYDNEY
Monday 23 Jul 2018 | 06:17 | SYDNEY

A further note on Freddie and Fannie

By

Sam Roggeveen

@SamRoggeveen

8 September 2008 11:59

'Do as I say, not as I do' never works on small children, and it's a bad way to conduct foreign policy too. So in the event of another currency crisis like the one Asia suffered in 1997, we will presumably be spared American advice that failing banks should be allowed to go bust rather than being bailed out by governments, because such advice will simply not be credible. From a geopolitical perspective, it is interesting to consider who benefits from this erosion of US credibility...