Wednesday, April 13, 2011

World Ruled by Gamblers

The denizens of the casinos called bond markets wrecked the world economy in 2008 with their extreme bets on derivatives. Now they are attacking individual countries.
New York Times, April 13, 2010
"Portugal's Bailout Unnesessary"
"Portugal had strong economic performance in the 1990s and was managing its recovery from the global recession better than several other countries in Europe, but it has come under unfair and arbitrary pressure from bond traders, speculators and credit rating analysts who, for short-sighted or ideological reasons, have now managed to drive out one democratically elected administration and potentially tie the hands of the next one."

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