U.S. President Barack Obama signed a huge stimulus package this week, but stock markets around the world continued to erode.
The head of Europe’s Central Bank called for a world financial makeover. Germany is considering a law to allow forced nationalizations of its banks as it loses faith in the free market to reverse their fortunes.
Roben Farzad, a senior writer and columnist for BusinessWeek magazine, joins Martin Savidge to discuss what is fueling the steady decline, if governments have lost the ability to control the economic crisis and whether or not there is a silver lining to the bleak economic situation.
02/21/2009 :: 01:00:06 AM
Jimbo Bosso Says:
Mr. Farzad is wrong. The governments of the world can fix their economies with a high degree of certainty if they change the tax system and tax only the unspent portion of income.