Jim Grant on BNN (12/9/11) — ‘What our market prices have lacked – for many a moon – is simple integrity!’
Jim Grant was interviewed on BNN on 12/9/11. He spoke about the European sovereign debt crisis and the unintended consequences of modern monetary policies. See below for the video and summary.
- People have been talking about a potential default by Greece for years. Any such default would not be a surprise.
- There is a reasoned worry about a spread of the Greek crisis into other European nations. But also there is a worry about a repeat of 2008/2009.
- ‘The important thing is to distinguish the genuine peril from the remembered one.’
- ‘Leveraged financial institutions are very vulnerable creatures.’
- ‘What our market prices have lacked for many a moon is simple integrity’
- ‘We are living in the hall of mirrors with regards to the prices of financial assets’
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