This is the diagnosis of an irreversible disease. The corruption and
collapse of the rule of law, in the financial sphere, is basically
irreparable. It’s not just that restoring trust takes a long
time. It’s that under the new technological order in this field, it
can not be done. The technologies are designed to sow and foster
distrust and that is the consequence of using them. The recent
experience proves this, it seems to me. And therefore there can be no
return to the way things were before. In other words, we are at the
end of the illusion of a market place in the financial sphere.
Thanks for the link. James is the son of famous economist and author, John Galbraith. A quote I pulled from his Wikipedia page:
"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."
http://www.nakedcapitalism.com/2011/08/james-galbraith-on-fr...