03/20/2010 05:12 am ET | Updated May 25, 2011

Bank Tax Won't Stop "Doomsday Cycle": Simon Johnson

The last few weeks of political developments around the American-European financial system make us feel like we are back in the USSR. During the final years of communism's decline, Soviet bureaucrats argued for futile tweaks to laws that would crack down on speculators and close "loopholes" - all in the vain hope they could keep the unproductive system of incentives intact.

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