More Economics

From Lew Rockwell, another view of the lay of the land ahead of us...


Prometheus, With the Cuffs On
by Bill Bonner

Money carries no passport, but it slides through almost any border. It flies no flag, but it is welcome in almost every nation. It speaks no language, but when it talks, everyone listens. But for all its passe-partout appeal, money has more enemies than friends. And the biggest threat is probably the financial industry itself.

"Don’t worry," the bright young man at a London private banking told us, "we maintain the highest levels of professionalism and use the most sophisticated tools of modern portfolio management."

That was just what we were worried about. What follows is a lament...and a complaint...about the current state of people in the financial métier: they have been disabled by their own theories...handicapped by their own greasy trade...read it all