As Self-Appointed Global Financial Sheriff, U.S. Angers Economic Partners

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Lax oversight. Deregulation. “Shadow banking.” These are some likely responses an expert might give if asked what caused the 2008 financial crisis. In the years since the meltdown, there has consolidated in the public consciousness an image of the pre-crisis global financial system as a sort of Wild West, where greedy bankers, rather than reckless outlaws, operated with impunity, causing irreparable social harm. But there is now a new sheriff in town, with the letters “U.S.A.” boldly emblazoned on its badge. Determined to impose order on a once “lawless” system, the U.S. Federal Reserve and Justice Department are unilaterally playing […]

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