The world’s financial governance structures are in need of a comprehensive overhaul. The G20 ministers met over the weekend, and produced this document, which says, in effect, we’ll try really, really hard to do something, m’kay? You find steaming phrases like this:
We will: Continue our vigorous efforts and take whatever further actions are necessary to stabilize [...]
The time in which I write … has a horribly swollen belly, it carries in its womb a national catastrophe …
This opinion piece in today’s Irish Times is the worst kind of economic scaremongering from Prof. Morgan Kelly. He sets up his stall around potential bank collapses in the autumn, and builders’ all-or-nothing loan [...]
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I’ve just finished Robert Shiller’s Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do about it.
The book is a short, sharp taste of Shiller’s trademark clarity as a writer, polemicist, and thinker, and he makes some interesting points.
First, he thinks the subprime meltdown had more to do with psychology [...]