Monday, November 12, 2007

palaces in the clouds

the above article tries to explain the financial crisis currently unfolding around us. i do not get the details, but the whole thing looks like a complex Ponzi scheme, where money was borrowed from one person to pay another, and it kept working as long as money kept pouring it, buoyed by fictitious "structured finance," fairy tales of endless profit. the whole thing is a case of money built up like palaces in the clouds. down thunders the rain.

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