Losing faith...

Avatar:
Author:
Publish date:
Social count:
0

Something is in the air. Intellectual bulwarks of the status quo have been shaken by recent financial market turbulence. Read this article from FT Associate Editor Michael Skapinker in which he quotes Deutsche Bank CEO Josef Ackermann saying... wait for it... "I no longer believe in the market's self healing power." Now, he doesn't cross the fence altogether. In fact, he seems to be asking us to ignore the criticisms of the left on the socio-economic outcomes of 20th/21st century corporatism and trust to the expertise and benevolence of the same minds that put us in today's quagmire. However, he does at least admit that something is not right. And that some re-regulation is necessary. Whilst you're at it check out Dani Rodrik's blog as often as you can for an intelligent critique of standardised economic prescriptions