Gordon Brown: Morals can Prevent Future Economic Crises

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While Congress grapples with tax cuts and unemployment benefits for Americans, former British Prime Minister Gordon Brown says he has a solution for avoiding another worldwide economic crisis.

It boils down to morals, he said.

In his new book, "Beyond the Crash: Overcoming the First Crisis of Globalization," Brown suggests globalizing regulation of banks.

He told CBS News senior White House correspondent Bill Plante on "Washington Unplugged" Monday that in most fields value is placed on people of integrity who play the rules and don't take irresponsible risks. Those ethics, he said, should apply to banks as well.

"We've got to have standards, rules and I think they have to be based on principles," he said, "but you can't have it in just one country now because another country can bring down a country that has a good financial system. It has to be global."

Watch Brown's appearance on "Washington Unplugged" in the video above. Monday's webcast also featured Sen. Michael Bennet talking about this afternoon's cloture vote on the tax cut compromiseand Annie Lennox celebrating Christmas in Washington.

"Washington Unplugged" airs live daily at 12:30 p.m. ET on CBSNews.com.

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