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C.P. Chandrasekhar & Jayati Ghosh

Whatever’s happened to Global Banking?

by C.P. Chandrasekhar & Jayati Ghosh

7 March 2009

After having failed to salvage a crisis‐afflicted banking system by guaranteeing deposits,
providing refinance against toxic assets and pumping 
in preference capital, governments in the US, UK, 
Ireland and elsewhere are being forced to nationalize 
their leading banks by buying into new equity shares. 
What is more, even staunch free market advocates like 
former Federal Reserve Chairman Alan Greenspan, who made
the case for regulatory forbearance and oversaw a regime
of easy money that fueled the speculative bubble (which 
he declared was just “froth”), now see nationalization as 

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