"The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it." - JK Galbraith I don't know if you have ever noticed, but every time we have a market crash, a banking crisis, a currency crisis apparently no one saw it coming. You look in the newspaper, you turn on the TV and there are lots of commentators giving different complicated explanations. When Lehman Brothers collapsed in 2008, the pundits were talking about Credit default swaps, leveraged CDOs - all technical stuff but no one was really there explaining to the average guy on the street what this would mean to him and his family.
In this part I will try and explain in very simple terms the causes of the financial crisis in 2008 and why we could be experiencing further crisis in the future in spite of the media telling us we are in the clear and disaster has been averted.
I have broken this down into 5 parts:
1 comments:
For knowing so much about money, you sure don't count well: I have broken this down into 5 parts"
Just kidding, man. Great stuff. I'm always glad to read your work.
-Woody
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