Quote from Friday.

[randomness]

From http://londonbanker.blogspot.com/2008/10/turbulence-and-trends.html:

My fear is that the failure to address the systemic issues as a whole will be a vulnerability exploited by US banks and authorities as they try to undermine London as a financial centre, gaming the fragile global markets.

There is still a touching confidence among many in the City [of London] that the US authorities will provide the “leadership” to reinforce collapsing markets. As John Plender of the Financial Times quipped, “Gaul votes for Rome to take the strain.” This seems to me to display a total incomprehension of the way US authorities operate to externalise pain and loss to the greatest extent possible in times of crisis. Gaul, after all, was an occupied state that was militarily and economically exploited to Rome’s advantage for centuries before Rome’s collapse. Saving Gaul was never a high priority once Rome was threatened.

I have little idea how accurate either the Roman history or the policy analysis is--although both certainly seem plausible--but I'm pleased by the reference.

Comments

[babasyzygy.livejournal.com]

What I don't get is why the quip shows an incomprehension...

[r-ness.livejournal.com]

I believe the incomprehension refers to the "touching confidence" sentence, not the quote. That's my read, at least.

[dirque.livejournal.com]

The comments section of your link I found more enlightening. It gave me several different insights. I had no idea that big banks had raised (doubled) the margin calls on hedge funds since last week- explaining the steady drop of the market. Also I'm enamored with the european envy of *our* (The US) education system.

[r-ness.livejournal.com]

big banks had raised (doubled) the margin calls on hedge funds since last week

Yeah, that may account for a bunch of the forced selling.

european envy of *our* (The US) education system.

They must be talking about higher education. We do have some great universities.

Have you seen the Chinese ranking of world universities? It's a guide for prospective Chinese students, I think, and rates American universities very highly. I can't find the link offhand.

[dirque.livejournal.com]

They must be talking about higher education. We do have some great universities.

Actually, I may be reading into it but no, the quote was the "the nine lives of the American educational system".
Which is completely true if you think about it. In America, you aren't shunted into a vocational education track if you don't test well at a young age. There are a variety of ways to get into a top-tiered university or graduate school. The ability to re-invent yourself - even to return to university in your 60's is uniquely American.