Wednesday, July 3, 2013

Media Spotlight: Crisis Economics by Nouriel Roubini

Only the other week Desert Island Discs host Kirsty Young joined the Queen in directly asking the now former governor of the Bank of England Sir Mervyn King why no one had seen the beginning of the current crisis coming.

King responded that while there had been warnings, primarily there had been a misreading of the market and that all the things that had been seen as dispersing risk, the endless dicing up of debt to markets and so-called sophisticated financial markets, had actually just amplified and spread that risk on a global scale. So when US housing market tanked it dragged down everything else with it.
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