After a hiatus of about two and a half years, it is time to start commenting again. Much has happened in that time, but in a sense the world seems to have come full circle, as the financial catastrophe that I was writing about then seems to have returned.
This time, ground zero is not Wall Street but southern Europe. Greece is bankrupt and Italy, with its staggering public debt, now appears to be headed for the abyss. The potential costs are staggering and this time the capacity of state and quasi-state institutions to actually deal with these frightening eventualities is even more in doubt.
But perhaps most worrisome of all is the seeming inability of those in power to even acknowledge the reality that they face. The appearance is one of folly.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment