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Future of Finance

This article starts on a very strong and sensible introduction showing where and how America is supposed to pick up in starting the remaking process. Many of the problems currently facing US and the European nations are because of financial constraints, and unless this is fixed, there seems to be continued problems. However, on the introduction part, the writer(s) indicate that while President Obama was issuing his inaugural speech, there were banks still facing fallouts in New York despite the president’s economic team having a plan in place.

It is not logic for the writer(s) to have this thoughts since the president was only being inaugurated hence it is difficult to expect that only his inauguration or an economic plan would make any different on the financial crisis (on a practical term), during that moment but until the president gets down to work and implement his plans of remaking America that any changes can be noticed, and if it did, then it would only be short lived.

At some point, the writer(s) of the article seem to jump from one point to another without first having explicitly exhausted or explained the previous point(s).  for instance, when talking about how the financial system

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has been impoverished, and the period (18 months) that it will take to rectify the situation, the writer(s) talks of a new banking system coming in place and talks of a ‘vision’ that needs an eye to be kept on. It is also not clear where this vision is coming from and its motives.

The point about billions that were spent on saving the banks is clearly brought out. It shows how people feel about what the government did in saving the banks. However, the writer(s) in this argument do not show conclusively whether they support the move the government undertook or not.

However, by looking at the options that the government can take in rescuing the banks, the writer(s) show that they are opposed to having the ideas of “wholesale nationalization” of the banks (Economist.com, 2009). The author(s) goes further to indicate the reasons that make them not to support the idea of having an outright nationalization of the banks.  For instance, the nationalized banks are known to be poor in correctly allocating credit than even the private banks, even though they might gain the lost confidence through nationalization.

Even though at the start of the article the writer(s) seemed not to finish explaining one point before moving to another, as the article moves on, the work is well elaborated and there is a good flow of the points and arguments. There is a good explanation on how the political elite carried out the financial schemes in Britain, how it failed and what needed to have been done in order to convince the voters of the advantages of the system being put in place.

In the concluding remarks, the writer(s) revisits the introductory remarks, (which is very important), by showing how financial problems can create a bigger problem in economic terms, and the importance of having a better regulatory measures so that it can help in making a better economic society. The writers also started the article by talking about President Obama’s inaugural speech and the work ahead of him. The article clearly concludes by indicating how Obama’s financial remaking will be measured, which will be basically through prosperity and jobs. This is a very good connection between the introduction and the conclusion.

Reference:

Economist.com (2009). The Future of Finance; Inside the Banks, retrieved on 26th January 2009 from http://www.economist.com/printedition/displayStory.cfm?Story_ID=12987495

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