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FINANCIAL CRISIS: Splitting the megabanks for financial stability

Patrick J. ByrneNov 28, 20095 min read

To restore stability to the financial system and to ensure efficient wealth creation, the “too big to fail” banks need to be broken up, invoking the principle of subsidiarity, argues Patrick J. Byrne.Two issues are near the heart of the worldwide “Great Recession” – imbalances in world trade, and the enormous concentration of economic power in US and UK financial institutions.Imbalances in world…

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