This article is just too funny: John Kindt, an anti-gambling economist, says that, although a ban on gambling will not halt our current economic crisis:
[I]t’s a step in the right direction and would halt the spread of gambling that is destabilizing world economies and financial markets.
Then comparisons are made to a Russian ban on gambling (“What do the Russians know that the U.S. hasn’t figured out?”) and FDR “used jobs programs and other initiatives – not gambling – to pull the nation out of the deepest depression in modern times.”
And beware:
Kindt says gambling has spawned a potentially dangerous speculative bubble in international financial markets as decades of industry growth have created exaggerated expectations that far outstrip real value. If the bubble bursts, he says, the ripple effect on the U.S. economy could rival the subprime mortgage crisis that sparked the nation’s latest economic woes.
If there is a gambling bubble, I’d put money on it being because of the central bank!
2:51 pm on September 23, 2008
