Leading Economists: Let the banks fail

Leading Economists: Let the banks fail

Global Research, February 2, 2009
George Washington Blog.

The government and Wall Street have endlessly repeated the statement that we have to save the banks, or the whole economy will be destroyed.

But leading experts - including the following people - say that letting the banks fail will help the economy recover:

Nobel prize-winning economist Joseph Stiglitz

Leading monetary theorist Anna Schwartz

Highly-regarded PhD economist Michael Hudson

PhD economist Marc Faber

The central banks’ central bank, BIS

Many other experts

We cannot even start to recover from the depression we are in unless the free market is allowed to operate. That means that banks that made horrible business decisions have to be allowed to fail, and those that made good decisions allowed to succeed.

Source: http://georgewashington2.blogspot.com/2009/02/leading-experts-let-banks-fail.html