Risk bombs και
Age of Bubble
'The thing is, it wasn’t always thus. The ’50s, the ’60s, even the
troubled ’70s, weren’t nearly as bubble-prone. So what changed?
One popular answer involves blaming the Federal Reserve — the
loose-money policies of Ben Bernanke and, before him, Alan Greenspan.
And it’s certainly true that for the past few years the Fed has tried
hard to push down interest rates, both through conventional policies and
through unconventional measures like buying long-term bonds. The
resulting low rates certainly helped send investors looking for other
places to put their money, including emerging markets.
But the Fed was only doing its job. It’s supposed to push interest rates
down when the economy is depressed and inflation is low. And what about
the series of earlier bubbles, which, at this point, reach back a
generation?
O.K., the other obvious culprit is financial deregulation — not just in the
United States but around the world, and including the removal of most
controls on the international movement of capital. Banks gone wild were at
the heart of the commercial real estate bubble of the 1980s and the housing
bubble that burst in 2007. Cross-border flows of hot money were at the heart
of the Asian crisis of 1997-98 and the crisis now erupting in emerging
markets — and were central to the ongoing crisis in Europe, too...
In short, the main lesson of this age of bubbles ... is that when the
financial industry is set loose to do its thing, it lurches from crisis to
crisis".
Συμβαίνει απλώς ο καθένας να κάνει την δουλειά του ...
σημ.Άν και αργά γενικώς, κάποιοι έχουν ακόμα ελπίδες απο την νέα κατάσταση στις αναδυόμενες reuters:
Central Europe sheltered from emerging markets sell-off όσο τους επιτρέψει η παρέα τους. Για εμάς είναι ξανά λάθος τόπος και χρόνος όλο αυτό, ακόμα και μετα την υποβάθμιση του ΧΑΑ.
