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There's a good narrative here, especially linked (see Metatone's comment and darragh's diary) to Larry Eliott's book Fantasy Island (at least what we've seen of it...)

Echoing Nomad, I'd say that, if you are aiming at being understood by the non-initiated, you might give an explanation of the counter-intuitive declining trend line in the first graph compared to "a 20-year bull market for bonds". Ie, explain the mechanics of bond markets a bit.

I really like the Dutch Disease parallel (and think it's accurate). The strong point is the generalisation of the requirement for high returns, that ravages other activities through cost-cutting, downsizing, outsourcing, offshoring, or just plain neglect. Add to this the free movement of capital in a world of rising population therefore cheap labour, and you can see why globalisation is (Anglo-Saxon above all) financial capitalism's swimming pool.

Just a suggested edit : for

In other words: today's market conditions are absolutely unprecedented, and nobody has the experience of what might happen next.

read: "...unprecedented, and no past experience can throw light on what might happen next".

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jun 19th, 2007 at 09:59:37 AM EST

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Nomad 4

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