Selva Brasilis

Um país que evoluiu da oca e senzala ao abismo, barbárie e caos, sem ter experimentado a civilização

Saturday, February 7, 2009

The Economist Sobre a Crise Financeira

"But more recently something went awry. Through insurance and saving, financial services are supposed to offer shelter from life’s reverses. Instead, financiers grew rich even as their industry put everyone’s prosperity in danger. Financial services are supposed to bring together borrowers and savers. But as lending markets have retreated, borrowers have been stranded without credit and savers have seen their pensions and investments melt away. Financial markets are supposed to be a machine for amassing capital and determining who gets to use it and for what. How could they have been so wrong?

Finance is increasingly fragile. Barry Eichengreen of the University of California at Berkeley and Michael Bordo of Rutgers University identify 139 financial crises between 1973 and 1997 (of which 44 took place in high-income countries), compared with a total of only 38 between 1945 and 1971. Crises are twice as common as they were before 1914, the authors conclude"
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SELVA BRASILIS at 3:45 PM
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