Auros (auros) wrote,

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Two extremely good articles on different aspects of the crisis.

Michael Lewis (author of Moneyball and Liar's Poker) has a piece on Iceland in Vanity Fair, and Amartya Sen (the Bengali expert on development economics and Nobelist) has a piece in the NY Review of Books on the future of capitalism.

The Iceland one is kind of mind-boggling. What's most shocking to me is the degree of stupidity among the international banks that made the loans that enabled the Icelandic banks (and bankers) to spiral out of control. It's like the NINJA loans into the subprime sector, but on the scale of corporate leveraged buyouts and the GDP of small countries (including Iceland).

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