Wednesday, November 30, 2011
Market's Don't Exist
Paul Krugman wonders why the "markets went wild" on what he thinks is a "nonevent." The answer is that the markets didn't, because they don't exist. A bunch of people who, recent events have proved, ought not be allowed around sharp objects took the opportunity of a something or another happening to try and make more money actually took the opportunity of something or another happening to make more money. Economics isn't a science and, even more so, investment in stock markets isn't based on science; it's based on, let's call it, the Madoff principle of cheating someone else so that a smaller circle of people can make money by shuffling bits of paper around. Time for a change.