The New York Federal Reserve Bank
released a report about hedge funds
on May 2, which warned sharply against
"concentrations of risk" matching
the situation in 1998 before the big
LTCM hedge fund blew up, nearly
taking down the
international monetary system
with it.
That LTCM crisis led President
Bill Clinton to propose an
international conference to
create a
"new financial architecture,"
but no real steps were taken.
Instead, a "wall of money"
policy was adopted, that built
up even further the
unsustainable financial bubbles,
that are now about to pop.
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