For most of our american friends this would be unimaginable but it seems that worldwide we are heading towards systems that have the following characteristics:
- state heavy economy, maybe 50% of GDP
- banks all nationalised with a utility-like function
(run for the public good)
- private equity, leverage, off balance, investment banking all outlawed
- Stock market abandoned as a concept
- high taxation
"Circumstances have certainly forced a paradigm shift. A new, ruthless form of capitalism evolved when the competition between capitalist and communist systems ended.
The end of communism may have led some to think capitalism could suddenly get away with everything. But it may also be that the dangerous tide of events in the financial world today would have come about regardless of this change. "