Folks, brace yourselves. See, when you have a bunch of rich, powerful people gather in Switzerland for a world economic summit, and they prefer to point fingers and throw Swiss cheese at each other, well, the problem is nowhere near getting solved.
Capitalism is getting the homo hammer. Even the “Black Swan” guy is calling for nationalization of the banks because, in his words, “We should not trust these bankers,” so said Taleb, author of the best selling book. “Look at their track record. The only way to stop the process is for the government to own those banks.”
Vlad “The Impaler” Putin is blaming the U.S. for the whole mess, the Tukish prime minister threw a hissy-fit in the middle of a meeting, and Jamie Dimon, CEO of JP Morgan is the only U.S. banker with some balls, being the Lone Banker to show his face at Davos. He took some heat and gave it right back by calling out the policy makers and regulators. I think all these disputes should be settled in “The Octagon” on Friday Fight Night via Pay-Per-View.
(Read more, if you care to…..)
Truth be known, the “authorities” haven’t got a clue how to solve the global economic crisis, which may eventually become the Great Global Depression. Bailouts won’t do it. Maybe it’s just me, but I get the sense that all of the decisions so far have not been guided by wisdom or sound economic analysis. They have simply been discretionary, seat-of-the-pants responses, politically motivated, by political authorities who face no responsibility whatsoever for their decisions. In China, they execute executives for selling bad baby food. (Gulp!)
Expect some very radial changes down the road. You know what they say about desperate times…….
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