http://www.forbes.com/2009/02/18/depression-financial-crisis-capitalism-opinions-columnists_recession_stimulus.html
Nouriel Roubini writing recently in Forbes magazine argues that the the current global financial crisis lays bare the failure and weaknesses of western-style capitalism, or the ‘Laissez-Faire’ paradigm. Traditionally, only emerging markets suffered severe economic shocks from such crises — and still suffer — from such problems. However, as current conditions are indicating, such sovereign risks as measured by the sovereign spread, is also starkly rising in many Western economies whose banks may be larger than the ability of the sovereign to rescue them: Iceland, Greece, Spain, Italy, Belgium, Switzerland and, some suggest, even the U.S. and U.K. It is an interesting read.
