|
| John,
Always enjoy the stuff you post on here, so don't take my thoughts or response as an attack. While I know you won't, it seems we've lost enough over the years that I don't like ruffling feathers of my fav's, so here goes:
First, being a Midwesterner & Land Grant Alum, I take most of the eastern elite with a grain of salt, Mr. Furguson included, esp. when their work is outside their field of expertice, which is blatantly obvious to at least my simple economicly schooled mind.
Second, you can't compare the PIIGS or any individual ECU member with the US or any other sovereign, that's apples and oranges. Compare Greece & California, or US and UK? O.K. I could see logic in that, but he's way off the reservation (no offense meant to our native American forum members).
Third, using the fall of the Ottoman Empire, post WWI & II Germany or the French Revolution as currency crisis' compared to todays sovereigns is screwed up, unless he's actually saying there'll be an overthrow of our or other debtor governments and the previous currency is used as the account of measure. Hell yes the currency will blow up when you take out the issuer.
The guy lays out a good history of crisis' and how they can come to be and play out. I'm sure that's covered well in his book without reading it; but, is a usual history leason in lot's of trading books too. He also, like many of the eastern elite, has a penchant for central planning, leaving the reader wondering if that's the answer, it's certainly his.
Regards,
Mark
| |
|
If you are at all interested in the state of the economy
