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Are writers on matters financial intellectual whores or are they dumb as a sack of hammers?

Having the milk of human kindness racing through my veins I would go with "dumb as a sack of hammers."  Here we see the various incarnations of the financial press: WSJ, FT, Barrons, et.al., as work-theraphy provided by the members of the ruling elites for people who would otherwise be wandering the streets, getting run over by buses, falling down open manholes, & etc. etc. etc.

Otherwise, the complete failure of Mr Wolf to include the gah-whomping increase in M3 on the part of the Central Bankers over the past 12 years in the 'First World' in his little essay as the fuel for the "recent explosive growth in finance."  Since Mr. Wolf is mentally incompetent there is no reason to refer - yet again - to the Federal Reserve Bank of the US which, for several years, effectively gave money to Money Center Banks.  

A cynic might suggest it is somewhat easy for a financier to make a profit when someone else is paying you to haul money away so you can lend it.  And with some of that money purchase themselves a writer on matters financial or twelve.  To support this cynicism he (or she) could point to the Economist .  In that August journal, when the US Federal Reserve quit publishing the M3 statistic, their reported estimate of the growth of the money supply went 8.8%/year to 5.3% in a mere 3 weeks.  A dramatic reduction attributed to -- well ... nothing.  It just happened.  

(Lo!  A Miracle!)

But I, with the Milk of Human Kindness running through my veins, would never consider such a thesis.


She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Tue Jun 19th, 2007 at 11:09:16 AM EST
Hmmm. I was having a conversation with colleagues this morning, and they were basically telling me that I would go nowhere with my extremist positions and my exaggerations on what the financial markets are doing.

We still need to refine our discourse so that it can be understood, let alone absorbed...

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Tue Jun 19th, 2007 at 11:46:11 AM EST
[ Parent ]
Did M3 come up in the conversation?

There is a story to be told about the structural growth of the equity markets, with the expansion of pension funds after WW2, followed by the wave of deregulation and then the sea-change of policy (didn't you write a diary about "Bubbles" Greenspan at some point...)

by Metatone (metatone [a|t] gmail (dot) com) on Tue Jun 19th, 2007 at 02:47:51 PM EST
[ Parent ]
We may of course be wrong about "what happens next", after all, anyone who tells you futurology is easy is a liar.

But these are natural questions to at least ask if you look at things from a "systems perspective" it seems to me... aren't they?

by Metatone (metatone [a|t] gmail (dot) com) on Tue Jun 19th, 2007 at 03:03:52 PM EST
[ Parent ]
the debate was about whether Sarkozy's policies are, as i caricature them only a bit, to take from the poor to give to the rich, and whether he is a fascist with his anti-immigrant drives and fearmongering (that's where they called me not-credible, when I called on his fascist leanings by making Le Pen's ideas mainstream).

The other point is that they see the PS as being unreformed, marxist and hopelessly out of touch.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Tue Jun 19th, 2007 at 04:49:23 PM EST
[ Parent ]
I really wonder if I live in the same world as people who think the PS is unreformed and marxist. (which seems to be the general opinion in most of the French Blogosphere that's a bit to the right of Fabius...)

I could understand this for people that were over 20 years old in 1981, when the PS nationalised, but as a young'un, it took me quite some time to understand that then the PS was actually strongly on the left at the time, not the party of "a little bit of redistribution to the poor, please" in the middle of the neo liberal market that I knew for most of my life.

Un roi sans divertissement est un homme plein de misères

by linca (antonin POINT lucas AROBASE gmail.com) on Tue Jun 19th, 2007 at 05:53:35 PM EST
[ Parent ]
The idea that Europe's Social Democrat and Labour parties are "left" in an absolute sense just indicates how far right the Overton window has shifted.

Can the last politician to go out the revolving door please turn the lights off?
by Migeru (migeru at eurotrib dot com) on Tue Jun 19th, 2007 at 05:57:17 PM EST
[ Parent ]
What were, if I may ask, the most substantive counter-arguments they offered? Or did they just dismiss your arguments as outlined above out of hand?
by Almanax on Wed Jun 20th, 2007 at 08:28:14 AM EST
[ Parent ]
I wouldn't expect any more substantive argument than "investment bankers don't get customers by being pessimistic about the financial markets"

Can the last politician to go out the revolving door please turn the lights off?
by Migeru (migeru at eurotrib dot com) on Wed Jun 20th, 2007 at 08:31:56 AM EST
[ Parent ]

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