News Tortoises Are the New Hares

There can be no doubt that we are currently living in very testing times. The scale of the well documented financial crisis – particularly since the collapse of Lehman Brothers in mid- September – has been the most dramatic in a generation and has led to widespread apprehension and uncertainty.

Most ordinary businesses and people look to banks to serve a proper economic function – a simple model where deposits are taken and loans are made. However, since market deregulation in the 80s, banks have become increasingly involved in developing and trading ever more intricate financial derivative products. The system has been like an old-fashioned bank building attached to a casino – the problem being that the gamblers in the casino have been using the funds generated by the bank! It was inevitable this would end in tears.

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