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KAZAKHSTAN-ONOMICS….Felix Salmon on our brave new world:

The “shadow banking system” is now so big and so global that for all we know a series of bad decisions by a mid-level technocrat in Kazakhstan could precipitate cataclysm across America and the world.

That’s true, but only if the financial system is fundamentally unbalanced to begin with — and it’s the job of governments and central banks to regulate the financial system to keep that from happening. They don’t regulate in order to produce the results they want, or to prevent people from making money, but to keep the financial system within at least the very broad boundaries of basic stability.

Alternatively, you can let the unfettered market have its way and then clean up the messes afterward. This is pretty orthodox Republican thinking, shared by Hoover in 1930, Reagan and Bush during the S&L crisis, and now Alan Greenspan and George Bush during the housing bubble. This ends up hurting lots of little guys, of course, but the irony is that it ends up hurting lots of big guys too. Frankly, they’d do better — in fact, they do do better — with Democrats running the show. They never really seem to figure that out, though.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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