Saturday, October 11, 2008


I'm annoyed that I'm not getting the adulation and acclaim I deserve for predicting the current financial apocalypse over six months ago. I'm even more annoyed I didn't manage to make money out of it.

I don't have much to add to what I said before - except to say that many more dominoes are yet to fall, and that all governments should stop assuming that pouring more water into a bucket with a hole is going to give you anything other than wet feet.

Some good things have come of this. For example, the death of the simple-minded worship of The Markets. Nowadays, believing that unregulated Market Forces should alone decide what is Good is akin to believing in the literal truth of Norse Mythology. Especially in Iceland.

There have also been some rather excellent jokes :-
  • The Isle of Dogs Building Society has collapsed. They've called in the retrievers. Meanwhile, in Japan, The Origami Bank have folded.
  • What's the difference between Investment Bankers and London Pigeons? The Pigeons are still capable of making deposits on new BMWs
  • Quote of the day (from a trader): "This is worse than a divorce. I've lost half my net worth and I still have a wife."
The best bit is that all the sleazy people who hid their money offshore aren't covered by government guarantees and so are likely to lose the lot. Now that's real entertainment.


Flitcraft said...

Norse mythology's probably a lot more credible - I imagine tales of doom, Ragnarok and smiting people with large hammers (especially bankers) could prove pretty attractive in present circumstances. I wonder if there'll be visions of Valkyries snatching up the fallen? Or perhaps more to the point, the Norns busy at their loom, weaving the future of the markets in human entrails. Cheery times!

Stan said...

Yes, they Thor't it was going to be OK but turns out they were Fulla it. They now hunch over their screens shouting loud prayers to the goddess Frigg.