Tag Archives: global credit crisis

The global credit crisis: An opportunity, not a tsunami

The former chair of the US Federal Reserve, Alan Greenspan, has been widely reported as describing the global financial crisis as a “once in a century credit tsunami” (reports here and here). It’s an interesting statement, mostly because it is so utterly disingenuous.

We can see just how misleading it is with the help of the insightful analysis recently provided by Nicholas Hildyard. In his paper, Hildyard has examined the “(crumbling) wall of money” built by financial geniuses using the tools of securitisation, private equity and hedge funds.

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Filed under capitalism, David, economic analysis