I have felt significant affinity for W.J.Stein and D.N.Dunlop's work for a good 25 years, most notably their efforts towards moderating and harmonising the excesses of the emerging global economy. With the Eu in the throes of a meltdown again this issue comes enormously to the fore.
We can look at the TARP as a massive supply of funds for American banks to buy up world class assets at severely stressed prices , (ie it is an economic assault, a takeover, a conquest, war but in a different sphere) based upon reckless and excessive lending (from the west), then its opposite (drawing in the noose). The massive banker bonuses post 2008 are but an indicator.
The Brits were far more brotherly about bailouts and the profits went largely to the state (BofE). Currently the EU is like a patient with severe blood loss - haemorhaging, and Mario ex Goldman Sachs cries for Austerity (read stingyness and extension of critical period-all to the profit of the cashed up). Understandably Germany does not want to tie themselves up to life support all across the EU, and it likely would still collapse, as it has been unsustainable. In an emergency ward, with such a crisis, there would be a prompt infusion of saline solution, to bring up the fluid balance to a sustainable level, where the heart and other organs are not destructively overstrained. Blood transfusions would follow and stability would ensue promptly. Such in the EU's case is to provide cash, quickly. What we are not clear of is the means of doing this?? By Stein's reckoning, it has to be moral, and it has to be brotherly. There might be many ways to bring cash into the system morally, one could to increasingly provide loans with minimal charges to all Eu citizens in proportion with the tax they have honestly paid in the last 5 years?? Another way would be to establish a communal EU fund that buys up troubled assets across any and all member states. Once again it could be placed in the control of the best investment directors (again according to taxes paid or honest communal donations given). In five years or ten these loans or funds will be able to pay back to the EU their 2012 grant. It is like joseph the dreamer and the pharoah, but in this case we dont have seven fat years to store up protection from. In its place we have hope and trust, that over the years the extended credit will be recovered and payable. Without such an initiative the gulf states and the US megabanks will plunder much of Europe's wealth and likely destroy much culture along the way.
 Further the farm subsidies are reportedly under question, and they do seem exhorbitant and likely do need moderation, but a major cut will greatly increase food prices and as in the last five years with staples unaffordable to all but the Chicago agricultural futures players consider the instabilities that ensued.The process needs maybe ten years of transition planning, ie very gradual incremental reduction to subsidies. Please forward to all others who may be in any position to influence debate or policy. Please also advise me on your views regarding the crisis and any proposals,..