Tuesday, September 8, 2009

UN calls for new currency

It was in the making. It is more believable when it is not the Russian, Chavez, Petrostates and other totalitarian regimes calling for it. In a interview with Bloomberg a UN official shoots for the sky. Money quote:


“The most important lesson of the global crisis is that financial markets don’t get prices right,” Flassbeck said. “Governments are being tempted by the resulting confidence game catering to financial-market participants who have shown they’re inept at assessing risk.”


Ouch.

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