This reminds me of Adam Smith's theory, that the invisible hand leads us to the best possible market outcome even if the interests of some people may look evil if observed seperately. However, in this case, I am with you, as these traders are ruining the world economy because of a speculative bubble based on dumb expectations.
This reminds me of Adam Smith's theory, that the invisible hand leads us to the best possible market outcome even if the interests of some people may look evil if observed seperately. However, in this case, I am with you, as these traders are ruining the world economy because of a speculative bubble based on dumb expectations.
ReplyDeleteThe first step of practically every recession is to blame the speculators, usually entirely without justification.
ReplyDelete