A quick-ish round of interesting things to read brings forth a variety of views on the Global Financial Crisis, what caused it and how to fix it. Of course what you write depends on what you believe and, more importantly, what you'd like your readers to believe. So none of the linked articles come with the highly-valued, yet regrettably globally unknown, VVB seal of approval (left).
Thought you'd like that.
So here, to start, we learn that:
The persistence of low interest rates, which, he assured us, made all the sense in the world, sparked a speculative orgy in securities and derivatives. These instruments, he had assured us, would help people manage risk; instead, they created systemic risk.
Meanwhile here, the author snips at the edges of protectionism to argue for more of that particular policy stance. I've been so infected with the protectionism is bad vaccine that I can't read this without beginning to tremble...but all arguments have some merit, don't they?
Meanwhile, the redoubtable Anatole Kaletsky argues that economists should limit themselves to explaining, because when they try to get prescriptive they get it wrong. Especially some of them - like thirty years' worth. Hear hear!
In less salubrious news, the Courier Mail and its 'independent' columnists continue their campaign to dislodge the Premier. As she's only just been re-elected, it's going to be a very long three (ish) years. We learn that some people were late for a concert on Friday night because not enough car parking gates were open. The Premier had taken the Arts portfolio the day before, therefore it's her fault. On this basis, John Howard was personally responsible for soldiers' boots that fell apart.
Des Houghton, please accept the Piers Akerman Award for Senseless Partisanship and Lack of Any Journalistic Ability Whatsoever. And take a holiday, please. For three years.