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NBBooks had a comment on one of Jerome's diaries on DKos the other day that illuminates the nature of Anglo Disease finance a century and a half ago, complete with some very pertinent quotes from the original Bagehot.  Several people noted that it was more than a comment and urged him to revise it to a diary and cross post here and elsewhere.  Sometimes things stand revealed more starkly at the beginning and probably there was less need for obfuscation 150 years ago.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Jan 5th, 2009 at 04:20:28 PM EST
NBBooks' comment was to Jerome's diary Paulson Blames China and Germany on DKos, which itself should be read if you missed it. Jerome cross posted it on ET here.  Both comment threads have valuable material.

There have been some extraordinary diaries and comment threads on ET over the holidays.  While I did read the  Dec. 24 comment thread of Jerome's, the link for which Coleman provides above, I found it well worth a re-read.  A lot to chew on.  These are extraordinary times.  We seem to be having almost daily epiphanies occurring regarding our societies and economic systems which might have gone un-noticed by too many of us without such diaries and comments as these.   Now if some of this will penetrate into the minds and alter the mindsets of enough people beyond the blogospehere,  perhaps we can avert some of what otherwise awaits us all.    

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Jan 5th, 2009 at 05:03:42 PM EST
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