Financial Crisis & Money: Some Questions

Next Tuesday in Hong Kong, the 2008 Sotheby’s autumn auction will be held.

Here is one item (Photo CNA):

A 34.7 carat diamond ring worth an estimated about 7 million USD.

I don’t know…

In one hand, the world financial system is in its biggest trouble since 1929, and in another hand, we still have people able to pay for such a thing…

USD 700 billion bailout plan was rejected (but don’t worry, a new way will come which will not even need the US Congress approval), today (Monday time in US) Stock markets lost wealth about 1 trillion (USD 1,000,000,000,000), and individuals are still able to put that amount of money for a diamond…

Not only able (that we know already…) but ready to…

Sound that money is not lost for everybody…

Don’t misunderstand me. I am for a free economy. But sometimes, I am asking some questions to myself…

 

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2 Responses

  1. Isn’t one of the principles of free markets the fact that you are responsible for the consequences of your actions? So, while an intervention might be required, what kind of intervention seeks to insulate the makers of bad decisions from the consequences of their actions with public money?

    Cheers,

    Quirky Indian
    http://quirkyindian.wordpress.com

  2. I agree with you Quirky. Beside, I put a post on my Forex blog where I am wondering if all this stuff was not deliberately organized…
    But maybe I am thinking too much and should get relax with a whiskey after a so long week 🙂

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