A Very Large Chicken Comes Home To Roost
(pic courtesy Justin Brandt)
It will be interesting to see whether the current dramatic events unfolding in various western financial markets, herald the beginning of a re-enactment of the disastrous financial turmoil of the 1930s and if so, how great a part of the blame history lays at the feet of globalisation and the neo-conservative pursuit of ever greater, international free-market liberalisation.
Will the de-regulation of international markets be the very petar upon which its enginers are hoist and have we reached the tipping point where the West slowly starts to relinquish international primacy to the East?.. Only time will tell.
How ironic if those riding the tiger of market forces discover their survival depends on the type of government interventions they have spent decades deriding and considerable sums undermining.. Hubris however will demand that they spend an inordinate amount of media time blaming those interventions for their fall.. the general public will of necessity, have to pick up the tab for corporate incompetence.. as usual.
'We learn from history that we learn nothing from history'
- George Bernard Shaw