As global stock markets once again takes another downturn on the back of renewed European worries I am reminded about a great blog post Scott Sumner wrote a couple a months ago about his studies of the Great Depression.
In its Scott says:
“And the worst part was the way political news kept slipping into the financial section. Nazis make ominous gains in the 1932 German elections, Spanish Civil War, etc, etc. In the 1930s the readers didn’t know what came next—but I did.”
Working and following the financial market on a daily basis, one gets the same feeling. Everything dependents on politics – who will bail out who and who will pay? I long for the day when the markets return to being markets and we will not have to worry about political news…However, I am afraid that that day is not around the corner anytime soon.
Dustin
/ October 17, 2011Sumner seems to have a lot of “great blog posts”.
Every time I see the Occupy Wall Street protesters with their socialistic and Marxist signs, I think of Sumner’s post “A little more inflation or a little more socialism?”
Lars Christensen
/ October 17, 2011Dustin, you are right – the anti-capitalist movement is clearly getting strengthened by overly tight monetary policy. That said, I guess these protestors would look for any reason to hate capitalism.