The Phaserl


Why the Markets’ Sudden Love for Mexico?

from Wolf Street:

If there’s one word that has dominated the post-crisis vernacular of policy makers, central bankers, economists, think tanks and establishment journalists worldwide, it is the word “reform.” In the last six years of centrally planned post-crisis crisis, scores of countries have been subjected to “ambitious” reform programs, largely at the insistence of reform-obsessed institutions such as the IMF.

The programs have included health reform and education reform (in both cases with a heavy emphasis on privatization and increased costs); pension reform (cuts to public pensions, hikes to the entitlement age); fiscal reform (less spending on public services, more spending on deadbeat banks – all funded, of course, by higher taxes on the middle class); and, last but not least, labor reform (making it easier for corporations to hire and fire but mainly fire). In fact, we’ve had just about every kind of reform one can possibly imagine, with one glaring exception: meaningful banking reform, for the simple reason that by now the banks are far beyond reform.

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