Schmidt, right. Nothing is getting past you these days. Here's the quote, which, I promise you, we will not see repeated anywhere on this side of the Atlantic.
"former Chancellor Helmut Schmidt, in {Welt am Sonntag} of Aug. 1, 1999, stressed that ``people do not understand that the stock market boom is totally overvalued and there are psychopaths who are pushing values even higher.... As for the Dow Jones, the date of its collapse is not known, but it will come, and this is as certain as an Amen in the Church."
I also found this interesting piece from the Italians calling for another Bretton Woods II.
That, in the last 30 years, there has been, instead, a split between the real and financial economies; the latter has given birth to a giant financial and speculative bubble, which has fully transformed the structures of the world economy. It has been calculated that this bubble of financial instruments amounts to at least $40 trillion. The very data on the U.S. economy, published by the Department of Commerce, by the Federal Reserve Board of Governors, and by the Federal Deposit Insurance Corporation, confirm all of this. In fact, at the end of the first quarter of 1999, the total of financial instruments had reached the level of $96.97 trillion, as opposed to a Gross Domestic Product of $9.07 trillion, a ratio of 10.7 to 1. It is, therefore, evident that the U.S. situation is not an exception, but, rather, it is the rule, which also applies to the Japanese, European, and other economies.
What a bunch of jokers...
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