From Yanis Varoufakis
''Rob Johnson’s main point is that, following the Crash of 2008, our world is in a state of structural disequlibrium (which is pretty much what I have been arguing in my Global Minotaur). In this disequilibrium state, there is a global excess demand for ‘safe assets’. And since we cannot ALL own safe assets at once (just like not all nations can have, simultaneously, a trade surplus), unless investors find the courage to invest in less than perfectly safe assets, then no assets will be safe, all assets will wither, and a new Global Depression will be upon us. Moreover, given the oligopolisation of savings, due to the concentration of global savings in a small number of sovereign wealth funds, the risk aversion of the sovereign wealth fund managers is threatening to undermine any chance of the global rebalancing which is, whether we like it or not, a prerequisite for a Global Recovery.''
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