Jujee asked why I hadn't commented on the financial turmoil.
In truth I have nothing much to add.
Certainly I wonder on the merits of the world governments nationalising all the debt when they didn't feel the need to nationalise the profits.
Certainly the term 'self-regulation' should join 'military intelligence' as one of the great oxymorons of our age.
Certainly greed and stupidity have played a large part. Not to mention the gambler's fallacy. But these are all part of the human condition.
Certainly, from the point of view of a self-funded retiree (on paper, if not in fact) I wish it hadn't happened. But there are worse calamities that can befall you.
...
Nice post. There are lots of good things about capitalism but several bad things that modern society has conveniently forgotten. So we had to revisit the lesson. The guys who built the big oil companies weren't called 'robber barons' for nothing.
ReplyDeleteI'm another self-funded retiree. It's not for the carefree or the greedy. Good luck!
All good points there.
ReplyDeleteI would add that it's a pity not everyone can grasp your last statement. I guess for some losing all their fortune is simply the end.