There were several stories in circulation this week, echoing from many corners of the world and many times without deference to this being the fifth anniversary of the collapse of the too-big-to-fail financial house whose downfall placed economics internationally in chaos, that proclaimed real and shadow markets to be fully recovered and no longer in danger of relapse.
Maybe some early optimists took the occasion to express a brighter outlook and the mimics missed the crux of the context and rather not let ancient history complicate an apparent slow-news day or revive unpleasant memories and fueled with the hopes of returning to simpler and more trusting times—an economic nostalgia when the labour situation in Greece had nothing to do with the price of eggs and banks were an insulating factor true to their word that tomorrow could only be bigger and better. Indeed, some the language was reminiscent of the patriotic overtures to just go shopping in the aftermath of the September 11 Attacks to restore the world economy. Never mind about confidences shaken and disintegrated, the disclosure of inflationary and unethical practices, the stark shift away from social good and board and bed lost and increasingly aggressive circling-of-wagons by the banking aristocracy and their court, their sophists—journalism being a big part of that estate, to keep the game going. Dwelling on the negative and preaching doom and gloom is only helpful as a reminder and urging precaution—not that pathological adventurers need inspiration, but I do wonder sometimes who sponsors such spin and de-programming.
