opalapril,
Thinking, sentient being? Is a herd of buffalo a thinking, sentient being? No. It is just a bunch of things huddling together for mutual security. Of course there is no security when something big enough to affect the whole herd materializes; range fire, hunting party, flood, etc. The only time the herd does the right thing is when it is the obvious thing to do, at which point you no longer need the services of the herd.
Speaking directly to the issue of what has over taken the markets recently, where was the 'wise' person(s) pointing out the now obvious problems in the Asian economies? All day long we hear people claiming to know what they are talking about, talking. How come we didn't hear anything about these problems with the Asian banks and borrowers before we lost our money? Aren't there people paid to know such things? Can anyone point to anyone explaining, before the breakdown of the last few weeks, that the folks in Indonesia, Malaysia, Thailand, South Korea, and Japan were seriously overextended and/or corrupt in the allocation of financial resources? If there is such an all knowing person, what was the condition of their investments, and even more importantly, what is that condition now? And what are they in now?
I think no one knew. I honestly believe even the people who were in financial straits sailed into those straits ignorant of their own peril. This is, after all, how one gets into financial difficulties in the first place. You just sort of drift into trouble, get complacent about things because you just sort of believe 'everything will work out'. Or you're greedy and you ignore that little voice trying to warn you about something that is not quite right about what you are about to do. Or maybe you don't even have that little voice. Or maybe you're just stupid. Or ignorant. Or it's a combination of all the above.
Meanwhile, you've got a life to live. It's not until the wolf is at the door, or even worse, the IMF; demanding an accounting, that you finally wake up to reality. Who was it, the World Bank or the IMF, that released a glowing commentary of the South Korean economy just a few weeks before everything blew up? It was one of them. If they don't know what is going on, who does?
I think I've answered your question. Those <breathless commentaries> are anthropomorphic silliness.
I feel better already getting all this off my chest.
Regards,
Jack Simmons |
