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By Edward Chancellor
Published: August 1 2010 08:38 | Last updated: August 1 2010 08:38
The great flaw of the new financial regulations is that they ignore the leading role that governments have played in promoting financial crises, including the last one. After all, the authorities both regulate the credit system and control monetary policy.
The recently passed US financial reform legislation fails to address the government's policy blunders. Furthermore, in the past couple of years Beijing has sponsored yet another real estate bubble.
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