Sunday, August 21, 2011

Glass all empty view from FT Columnist

Tony Jackson writing for the FT has a surprisingly down-beat view of the Euro mess and UK house prices, linked here. A quote and concluding paragraphs:

It was always clear that the euro could not work indefinitely without closer union between the member states. But that would evolve in the fullness of time. It was not foreseen that time would run out – nor that member states, having been reluctant to pool fiscal and political sovereignty in the good times, would be no more inclined to do so at gunpoint......

...In the US, the recent budget fiasco had all the signs of an electorate rejecting the fact of hard times by blaming those in charge. And while the recent riots in the UK were criminal in character, riots always are. The question is what triggers them.

This is of course a glass-all-empty view, and therefore doubtless unreliable. But it seems to be the view of investors right now. And to coin a phrase, you can’t buck the market.

"Not foreseen" the FT of course, I have files full of posts to the FT Forums covering much of 2002 and 2003, arguing the exact opposite.

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