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Let's stop kidding ourselves that Greek debt is the Euro's key problem. With Greece gone, who's next ?

Alex Morritt , em Impromptu Scribe
collapse depression greece greek-mythology currency credit crisis finances europe depression-quotes capitalism greek nationalism political-commentary economics finance crises black-hole transparency funds borrowing problems-in-the-world default problems-quotes funding indebtedness demise bankrupt bankruptcy national greek-myths bonds economy-bankrupt savings economic-collapse economic-crisis euro european-economic-area european-union markets debts problematic crisis-of-confidence yoke unravel credit-score current-events greek-tragedy marketplace exit fallout athens current-affairs problems-of-today political-corruption transparency-or-the-lack-thereof national-debt indebted bust capitalismo financial-crisis economic-depression running-away-from-problems problems-with-society political-satire boom-and-bust borrowing-money capitalism-and-schizophrenia credit-challenged credit-restoration creditors crisis-of-capitalism currencies current-situation debt-crises debt-inheritance default-position exit-strategy financial-markets financial-worries fundraising grexit kidding kidding-yourself loans-for-bad-credit loans-for-bad-credit-rating noose political-expediency unravelling

The truth is that banks are the last feudal kingdoms, their rulers omnipotent, divine warlords. Their key lieutenants are 'ronin' (wandering mercenary samurai) who roam financial markets ready to ally themselves to any warlord for a share of plunder. This is not the place to apply the latest management theory.

Satyajit Das , em Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives
business finance financial-markets businessman-as-warrior

People do not necessarily know what they are doing, because our ability to comprehend even matters that concern us directly is limited – or, in the jargon, we have ‘bounded rationality’. The world is very complex and our ability to deal with it is severely limited. Therefore, we need to, and usually do, deliberately restrict our freedom of choice in order to reduce the complexity of problems we have to face. Often, government regulation works, especially in complex areas like the modern financial market, not because the government has superior knowledge but because it restricts choices and thus the complexity of the problems at hand, thereby reducing the possibility that things may go wrong.

Chang Ha-Joon
government financial-markets macroeconomics

Veblen called it the price-system. Mills called it the Power Elite. It's probably no more than ninety-nine people who don't know what they are doing. They're involved in high finance. Fascinating form of gambling.

John Cage , em M: Writings '67-'72
capitalism economics 1-percent one-percent financial-markets finance-humor power-elite price-system

Financial illiteracy is like being in a rain storm and trying to jump in between the raindrops... eventually it all catches you at the same time.

Johnnie Dent Jr.
finance financial-advice financial-planning financial-crisis financial-markets financial-worries finacial-instability