One thing that cannot reasonably be said of our times is that they are uninteresting. All at once the world is turned on its head, and none can say what will shake out.
The dissolution of the euro, or the expulsion of Greece from the EU, remain pressing possibilities. And the folly of the Monetary Union lies exposed for all to see in the afflictions of Italy. Evans Pritchard: “Let me add that Italy is not fundamentally insolvent. It is only in these straits because it does not have a lender of last resort, a sovereign central bank, or a sovereign currency. The euro structure itself has turned a solvent state into an insolvent state.”
Woe to the country that pursues a dearer currency!
There is also the fascinating tale of the collapse of MF Global, the broker-dealer trading house run into the ground by Jon Corzine, formerly senator and governor of of the State of New Jersey. I do declare that the tongue-lashing delivered by the New York press, the stern and self-righteous lecture they have read Mr. Corzine for his miscalculations, tempts even the humblest man with schadenfreude. Roger Lowenstein explains the whole squalid mess ably here. Later reporting has revealed some of the lineaments of the particular trades on European sovereign debt that ruined firm. Again I feel that we are forced to penetrate these alchemies out of necessity; they comprise the methods by which our political economy is financed.
Then there is the broader revolt against what we might call the political of acquisition: the Right to Left revulsion from this particular feature of our political life in common. I will have more to say on that at a later time. Suffice it to say that I cannot in good conscience align myself with any of the standard narratives proffered to explain, critique or castigate the emancipation of acquisition.