Friday, September 3, 2010

It Can't Hapen Here

Few stories lately have given me as much innocent amusement as this one, from the New York Times:

"Troubles at Afghan Bank Jolt Financial System

KABUL, Afghanistan — The Afghan government intervened to shore up a deeply troubled bank on Tuesday, sending shock waves through the capital and prompting fears that Afghanistan’s pervasive corruption had now put the country’s entire financial system at risk.

Afghan and American officials expressed alarm not only at Kabul Bank’s financial condition but also at the prospect of a collapse of confidence in Afghanistan’s fragile financial system, which was built from scratch after the ouster of the Taliban in 2001.

This could be catastrophic for the country,” a senior Afghan banking official said. “The next few days are critical. I am worried.”

Pervasive corruption of their financial system. Aren't we so glad that a disaster like this could only happen in a third world country, and we never have to worry about such a thing occurring here, in the Greatest Country In The History Of The World. No, if there is one thing we never have to worry about, it's the prospect of our banking system creating a catastrophe for the country. Thank the Lord for that.

Our financial system is sufficiently strong and subject to sufficient government oversight that it will never suffer from a collapse of confidence, right? I mean, FDR saw to that after the 1929 crash, and no one would be stupid and greedy enough to undo the protections he created, would they?

"Kabul Bank and its chairman, Mr. Farnood, lie at the heart of the political and economic nexus that sustains — and is sustained by — the government of President Hamid Karzai.

American investigators say that Mr. Farnood’s unorthodox financial dealings, which included lending tens of millions of dollars to himself and other politically connected Afghans, have long been shielded from scrutiny by his close ties to Mr. Karzai."

And what could possibly go wrong with a country with a leader hand picked by Bush and Cheney, whose previous employment was with Union Oil?

Thank heaven we don't have "unorthodox financial dealings" in our financial system.

Well, like I say, It Can't Happen Here. Sweet dreams, guys.

1 comment:

Poll P. said...

Unbelievable! And all to likely.