We have no longer just a crisis in the financial system. We have gone even beyond the stage where there is a crisis of the financial system. The western (north-Atlantic) financial system we knew has collapsed. If I may paraphrase that great ensemble of Nobel-prize winning financial wizards, Monty Python’s Flying Circus:
“This financial system is no more! It has ceased to be! ‘It’s expired and gone to meet its maker! ‘It’s a stiff! Bereft of life, it rests in peace! If you hadn’t nailed ‘it to the tax payer’s perch it’d be pushing up the daisies! ‘Its metabolic processes are now ‘istory! ‘It’s off the twig! It’s kicked the bucket, it’s shuffled off its mortal coil, run down the curtain and joined the bleedin’ choir invisible!! THIS IS AN EX-FINANCIAL SYSTEM!!”
FT
5 comments:
whatever do you mean?hasn't the stock market been going up??there is something amiss here!
No, there is not. The markets may bounce before they decline to new lows or quantitative easing may finally begin to work with a surge of inflation that supports nominal index values. One thing for sure is that the era of Western financial leadership has ended. Even dead cats bounce.
Maybe they bounce once or twice,not continuosly.
It's not a bounce, but a protracted death-rattle.
How about this? The bogus system will slowly,insidiously morph into another bogus entity.
When there is no apparent or immediate repercussion,human nature acts like electricity and goes the easiest route.To have character is the hard way.
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