The Selective Sovietization of American Capitalism
Lax lending standards, cheap credit, and massive injections of liquidity from the central bank have created a toxic level of financial flexibility in the US economy. As financial conditions become increasingly unmoored from the real economy, comparing the US to the countries on the losing side of the Cold War does not seem far-fetched.
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MEDFORD, MASSACHUSETTS – Likening today’s capitalist economies to the communist bloc of yesteryear may seem far-fetched. What could the free market possibly have in common with Soviet-style central planning? In fact, the comparison increasingly offers useful insights into what has become of the winning side since the end of the Cold War.