~ CATMBWGBTTPDW ~ Criminals Are The Main Beneficiaries When Governments Ban Things That People Desperately Want

~ WDATMG?-TMHGA-IWNRT ~ Where Did All The Money Go? – The Money Hasn’t Gone Anywhere – It Was Never Really There

~ ALSHTBRITBWTBKG ~ And Lending Standards Had To Be Relaxed If The Boom Was To Be Kept Going

~ WCE-IIHTGB ~ Without Credit Expansion – It Is Hard To Generate Bubbles

~ T‘GP’ ~ The ‘Greenspan Put’

~ FERALTDAGICM-TATFSTGAAFFSM-ACAVIFHA(ASO)ERR ~ Floating Exchange Rates Allowed Larger Trade Deficits And Greater International Capital Movements – This Allowed The Financial Sector To Grow As A Facilitator For Such Movements – And Created A Vast Industry For Hedging Against (And Speculating On) Exchange-Rate Risk

~ LFMAACGTA-CBDNRIATDTOTRB-I-BIWMF-BNWTR-TES ~ Liberalizing Financial Markets Also Allowed Credit Growth To Accelerate – Central Banks Did Not Regard It As Their Duty To Pop The Resulting Bubbles – Instead – By Intervening When Markets Fell – But Not When They Rose – They Encouraged Speculation

~ TPGOTFS ~ The Phenomenal Growth Of The Financial Sector

~ ‘LTEC’ ~ “Let Them Eat Credit”

~ TBWLCIAC-TTACETMFRTS-ATMFFAF-FTGBAB ~ The Bankers Were Like Croupiers In A Casino – They Took A Cut Every Time Money Flowed Round The System – As The Money Flowed Faster And Faster – Their Take Got Bigger And Bigger

~ TFSHBWECA-‘RS’-CEPFIS ~ The Finance Sector Has Become What Economists Call A – ‘Rent-Seeker’ – Charging Excessive Prices For Its Services

~ ATBBASADC-ASTCILG-SRI-RH-CTATTMCHTRI ~ As The Banks Became All-Singing, All-Dancing Conglomerates – And As They Consolidated Into Larger Groups – Systemic Risk Increased – Regulators, However – Continued To Assume That The Market Could Handle The Risks Itself

~ GTTCTFYTB-IINSTFWTABTT ~ Given That The Crisis Took Forty Years To Build – It Is Not Surprising That Forecasters Were Taken Aback By The Timing

~ NOWQSWTRHEUAWWME ~ No One Was Quite Sure Where The Risks Had Ended Up And Who Was Most Exposed

~ STDFTPTTPSSLTSWAALODOIB ~ Shifting The Debts From The Private To The Public Sector Still Leaves The System With An Awful Lot Of Debt On Its Books

~ J-FODF ~ Jubilee – Festival Of Debt Forgiveness

~ IIUTPCSBFTDMTDRWTPASOF ~ It Is Unjust That Poor Countries Should Be Forced To Devote Money To Debt Repayment When Their Populations Are Short Of Food

~ TPSIROOS ~ The Ponzi Scheme Is Running Out Of Suckers

~ HIIAVTOFGTHTBTB ~ High Inflation Is A Very Tempting Option For Governments That Have Trouble Balancing Their Books

~ E-AHWBJAPTL-ANTBFAIS ~ Eventually – A House Will Be Just A Place To Live – And Not The Basis For An Investment Strategy

~ FRHBMMVTTSE ~ Floating Rates Have Been Much More Volatile Than Their Supporters Expected

~ TTISITDOCC ~ The Tide Is Shifting In The Direction Of Capital Controls

~ IBAAEBTTFSA-RTTHNFS-TMCTT ~ If Britain And America Ever Become The Target For Speculative Attacks – Rather Than The Host Nations For Speculators – They May Change Their Tune

~ TDWHMIFWAFBOAPAAEROTFS ~ The Developed World Has Mortgaged Its Future With A Foolish Bet On Asset Prices And An Excessive Reliance On The Finance Sector

~ TGEIC-FMITW-IWNBFTB ~ The Global Economy Is Changing – For Many In The West – It Will Not Be For The Better

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