Henry Kaufman writes about "Our Risky New Financial Markets", WSJ, 15 August.
He's my "old friend". He was known as Dr. Doom about 25 years ago because of his bearish leanings. I think anyone interested in today's capital markets should read this article. He writes, "At the heart of the long-term underlying challenges that face the U.S. financial system is the question of how to enforce discipline". No discipline will ever be enforced on our major financial institutions like Citicorp, Goldman Sachs, etc., until the Fed is dismembered and we return to the gold standard.
He's my "old friend". He was known as Dr. Doom about 25 years ago because of his bearish leanings. I think anyone interested in today's capital markets should read this article. He writes, "At the heart of the long-term underlying challenges that face the U.S. financial system is the question of how to enforce discipline". No discipline will ever be enforced on our major financial institutions like Citicorp, Goldman Sachs, etc., until the Fed is dismembered and we return to the gold standard.
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