Nobody Trusts Them
"G-7 Seeks to Calm Investor Fear After World Stock Selloff," trumpets Bloomberg News.
Our gut is that the G-7, or any other G, has never been able to calm periodic bouts of (frequently justified) investor fears. (Besides, everybody is pretty sure that Eurocrats, no matter how tough they talk, are economically impotent).
What has calmed them in the past is a sure and reliable, free-market sustaining United States.
The problem now is that the United States, at least administratively, is none of those things anymore. The world has lost its big brother. And now it's casting about for someone to believe in. Ironically, even as they mocked "cowboys," they longed for handsome strangers on white horses.
Every new low chisels a new low in confidence that can take a generation to smooth over. Dangerous times, indeed.
Our gut is that the G-7, or any other G, has never been able to calm periodic bouts of (frequently justified) investor fears. (Besides, everybody is pretty sure that Eurocrats, no matter how tough they talk, are economically impotent).
What has calmed them in the past is a sure and reliable, free-market sustaining United States.
The problem now is that the United States, at least administratively, is none of those things anymore. The world has lost its big brother. And now it's casting about for someone to believe in. Ironically, even as they mocked "cowboys," they longed for handsome strangers on white horses.
Every new low chisels a new low in confidence that can take a generation to smooth over. Dangerous times, indeed.
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