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In the National Press club yesterday, Prime Minister Kevin Rudd said the global financial system has been reduced to panic and pushed to the brink resulting in a comprehensive failure of “extreme capitalism”. So where to from here? Governments around the world have been stepping in to partially nationalise banks who have hedged their way into disaster. Catherine Zengerer asked Federation Fellow in Economics and Political Science from The University of Queensland, John Quiggin, whether this semi-nationalising is really going to work

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