This is a general critique of what is wrong, and not only in the USA.
What was new to me was the identifying of OTC markets as being inherently unfair / unstabilizing.

Jesse has something to say about this (second link below).

Are the Fed, the Congress and the Primary Dealers an Alliance of Convenience?
October 20, 2009
http://us1.institutionalriskanalytic...ry.asp?tag=389

" . . .
When Vince and I were in Chicago for the Fed's international banking conference, I reminded our colleagues that the analog to the political checks and balances revered in the history books is a public, open outcry market. Whether virtual or physical, an open market structure is essentially for having true confidence in markets. When markets start to slip back into retrograde formulations like OTC, we are also eroding the very basis of American markets, namely openness and fairness. If our OTC markets are deliberately opaque and unfair, deceptive by design as I told the Senate Banking Committee earlier this year, then can we reasonably hope that our financial institutions and markets will be stable?
. . . "

The US Power Elite: An Alliance of Convenience or a Ménage à Trois?
http://jessescrossroadscafe.blogspot...age-trois.html

" . . .
The only check and balance on this arrangement, besides the intrusion of the law as embodied in the Constitutional limitations on power, is the value, the acceptability of the dollar and the bond.

One cannot tell if Chris has thoroughly thought through the implications of what he has concluded, the Ponzi nature of the US financial system, and the consequences of its collapse. If he does, he should have more sympathy for his colleagues at the Fed, who in the most American colloquial sense, should be 'scared shitless' if they have a mind of their own at all."