Our free markets have generated plenty of prosperity, like
never before.
But can be manipulated: everybody knows the Great Crash of
1929 and the Dark Age following, which lasted till WWII. It didn’t happen again
in 2007/2009: governments intervened promply (worldwide) this time. Bur
recovery has been very slow and State debts have risen.
So many were looking for easy money: TOO easy (same mistake
happened when buying internet / dot.com Companies). Irrational exuberance, euphoria:
banks knew authorities would have intervened to maintain the economy and flow
of credit. In some cases even for bailing out the same banks (too many) and
enterprises!
FOR THAT “LIFEBELT” WE SHOULD BE GRATEFUL. Even if you think
that “risk-takers” (generally speaking) expected the governments would
intervene to protect them and consequently taking greater and greater risks.
Because the alternative was another Dark Age.
So…..we need to give free rein to fiscal authorities to take
aggressive steps in case of financial crisis: one Great Depression has been
more than enough! It must not happen again.
…..Always humble,
Angiolino
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