Trader Alessio Rastani, in a BBC interview that has gone viral, says that the Eurozone market is going to crash. I don't think than one has to has a Nobel in economics to see that it's a distinct possibility as governments struggle to achieve a rescue plan that many see as "too little and too late".
"What seems to have captured world attention, though, is the brazen point of view given by trader Rastani. Even the stately Economist quipped:
"BETWEEN the remarkable take on the global economy in this video and the interviewee's traderly insouciance, I'm not sure whether to laugh or cry. Or grab a pitchfork. Or call him for investment advice. You be the judge."
The description is surely brazen but should not be shocking. The fact is that markets and capitalism do not have ANY values, good or bad. People and governments have values. Right now, governments are ineffective, the people are on the rise and outcomes -- like the weather -- are very uncertain.
As the world markets begin to face systemic failure -- also known as THE GREAT DISRUPTION -- it is good to ponder again the hows-and-whys of an economic system that is reaching its limits:
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