“Noting that we are in the worst financial crisis since the 1930s … the salient feature of the current financial crisis is that it was not caused by some external shock… The crisis was generated by the financial system itself.”
This is George Soros in his recent testimony ( see video )at the US House of Representatives where top hedge fund managers were questioned as to who was to blame for America’s financial crisis.
Soros is no stranger to financial market controversies. Who can forget the 1992 Sterling crisis when he made over US $1billion by short selling the Sterling.
Its probably human psychology to blame the ‘system’ for every thing gone wrong.
I don’t have the credentials to write about the sub prime crises , credit crunch etc… and so much has been written about the current recession and events and reasons leading to this situation that we have probably stopped thinking what caused it and are engaged in our own way to fight out of this crisis.
Its easy to blame the system for everything that goes wrong.
But, the essence is, its all about Greed.
December 15, 2008 at 6:34 pm
[...] Madoff Pyramid The “System Failure” has found another victim in the alleged $50 bn Madoff [...]