Tuesday, Apr 27, 2010
Absolutely nothing learnt then
Guardian: Standard chartered warns of assets bubbles
I'm shocked really that nothing has been learnt from the crisis as we hurtle into the next one,sooner rather than later.
you can see financial armagheddon coming upon us shortly followed by a huge depression...
Posted by taffee @ 09:44 AM (763 views) Add Comment
3 Comments
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1. icarus said...
Nothing learned? A lot has been learned by the financial sector. The main lesson from the last decade or two is that way to manage bursting bubbles is to inflate another bubble in another sector:- dot.com, housing, energy prices, emerging markets. The only beneficiary of course is the finance sector.
2. 51ck-6-51x said...
icarus - that was not learnt in the last two decades - that has been going on for centuries - I think what has been learnt recently (since the great depression, and even more so since Vietnam) is the extent of the hold they have over government policy and how to manipulate the state's behaviour to their own advantage.
3. icarus said...
666 - But over the last decade or two it's gone global and the bubbles have become bigger and more frequent (could have mentioned commodities and stockmarkets too after housing). And it has become the dominant MO of the financial sector and it has displaced productive investment. Nowadays you could even ask whether there's even a point in making productive investments because the consumers are skint (thanks to the twin siphons of wealth upwards - globalisation and financialisation), so there's nobody to buy the commodities produced.
As for the hold of banks and corporations over government policy I suggest that instead of wearing red, blue or yellow politicians should, like Jason Button and Lewis Hamilton, wear white jackets emblazoned with the logos of their sponsors. That would make them indistinguishable from one another and that would therefore be closer to the reality.