Sunday, Feb 21, 2010
Welcome to basic land - a modern fairy tale
Slate: Basically, It's Over - A parable about how one nation came to financial ruin
This grim fairytale will make good bed time reading
Posted by the number cruncher @ 11:03 AM (880 views) Add Comment
3 Comments
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1. charlie brooker said...
I note Leekwanyou gets a mention.
Singapore has a strong and vibrant investment banking sector that is just as involved in the same sh1t as Wall Street and The City - there's certainly a lot of young men driving super-cars about the place.
Singapore also recently opened the first phase of a massive casino complex at the Marina overlooking the central business district
Singapore's success comes from being an authoritarian entrepot on one of the world's busiest shipping routes, having no hinterland to subsidize.It already was a highly succesful trading outpost built by the British and when they left, they left Singapore's finances in a very rosy condition indeed.
Not wishing to be disrespectful but readers might be interested to note that, however brilliant he may be, Lee Kwan Yew collaborated with the Japanese occupying forces during the World War Two.
Maybe Singapore is not quite the example the author alludes to. Still it has to be said it is a great place to work and play - if you're prepared to obey the rules.
2. drewster said...
cb,
Not all banking is bad. The main problem lies in the gambling-like derivatives.
3. estrader said...
@2 Not all derivatives are bad or 'gambling'.