Daily Archives: August 13, 2012

By William K. Black
(Cross-posted from Benzinga.com)

We know that the supporters of austerity simultaneously urge us to reject “European socialism” while adopting the key European strategies that drove Europe into recession – twice.  American conservatives assume that Europe must epitomize stringent financial regulation.  The opposite is true.  Europe adopted “light touch” financial regulation pursuant to neo-liberal economic theory.  Its embrace of the three “de’s” – deregulation, desupervision, and de facto decriminalization was far more extreme than the United States.  The City of London “won” the regulatory race to the bottom with the U.S.  European’s Continue reading →