Wealth of Nations and the Wizards of Oz
by E. F. Vidocq
Acting Man
I recently learned that The Wizard of Oz was written as a satiric commentary on the financial crisis of 1893. I am not sure if Frank L. Baum did mean to write his book for that reason. However, the idea that there are people who believe they can lever the machinery of markets has not disappeared. Today, the curtain behind which these wizards used to stand is very transparent.
Recently, a very renowned wizard held tenure at the Fed beginning with the crash year of 1987, departing just months before the collapse of the subprime bubble. The collapse was, however, not in just one single class of speculation, but rather an entire edifice of debt created over the last 100 years. In the history of boom and bust, he and his cohorts hold the not so glorious record for the greatest intervention the world has ever known.
Continue Reading at Acting-Man.com…
2012-08-16 11:05:43
Source: http://financialsurvivalnetwork.com/2012/08/wealth-of-nations-and-the-wizards-of-oz/
Source:
