According to Krugmen, things are always falling apart. But I guess if you constantly predict the end of everything then you will be right the only time it matters.
Krugman can't be trusted. He criticizes for Greenspan...for Greenspan's mass inflationary policies, hmm?...oh, no. Rather for Greenspan's alleged faith that "the market is always right". That's not the sort of religion that sends one into a career of central banking.<p>A once-in-a-lifetime liquidity event is approaching, and you will know the winners of the game by whatever "Russian Billionaires" show up in high-end London apartments in the coming decades.
Do we really need the sensationalist article titles? To tell the truth, the Dow is up a bit from its opening price, and the dollar gained a little bit from its low.
The fed has long since bailed out the financial markets by pumping out dollars to the extent that most people's assets, including property and salaries, are now quite a bit closer to worthless.
Back in the 90s in Japan at least a lot of the Nomura and LTCB execs and so on had the decency to off themselves after they wrecked the financial system and were exposed as crooks. Somehow I doubt they'll find Alan Schwartz in a motel room with a note of apology. We should import this fine Japanese tradition!