The "savings glut" theory rears its ugly head again | 28 comments (28 topical, 0 editorial, 0 hidden)

Maybe this change too?

Dear Sir,
The "savings glut" theory which Martin Wolf resurrects ("Asia's Revenge", 9 October) fails to address the root cause of the financial crisis: the reckless dereliction of duty by central bankers and financial leaders in the performance of their duties.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Oct 9th, 2008 at 10:30:25 AM EST
[ Parent ]

Re: LTE draft (none / 0)

It's not only dereliction of duty: real interest rates were negative for about 18 months aroung 2003 in the US, and also for a time in Spain (the ECB set interest rates for German levels of inflation) triggering asset bubbles.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Thu Oct 9th, 2008 at 10:34:10 AM EST
[ Parent ]

GAH! (none / 0)

I now see that the word "duties" was already part of the very sentence I was quoting!

Do completely ignore my comment above.

I need coffee.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Oct 9th, 2008 at 10:40:26 AM EST
[ Parent ]

Re: GAH! (none / 0)

However, rereading the original sentence:
the reckless dereliction of central bankers and financial leaders in the performance of their duties.
I would consider changing the of to a by. As it is, the sentence seems to indicate that the central bankers where neglected rather than neglectful.

by someone (s0me1smail(a)gmail(d)com) on Thu Oct 9th, 2008 at 10:48:59 AM EST
[ Parent ]

The "savings glut" theory rears its ugly head again | 28 comments (28 topical, 0 editorial, 0 hidden)

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