Is it time for capital controls?

A major cause of the current financial crisis was freedom of capital. It may be time to rein it in.

While investment banks have received quite a knocking lately, it may be time to step back and look at some of the broader causes of the financial turmoil.

On a macro level, one of the most outstanding characteristics of the current crisis is the way capital has been exported from China, Japan and the Middle East to the US. The transfer of Asian capital has permitted the US to consume Asian exports and, as a result, the US has...

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