A recent article in the Economist, which led with the byline,
Wall Street, the flagship of capitalism, has been bailed out by state-backed investors from emerging economies. That has people worried—for good reasons and bad
…reminded me of what little I know of the death of Lord Byron. That creator of terrible and romantic visions – Don Juan for instance – and insatiable action who swam the Hellespont to prove the love that beat in his breast – might have little to do with Wallstreet save the feasting on their flesh at death.
The Economist writes:
Sapped by the subprime crisis, rich-world financial-services groups have been administered nearly $69 billion-worth of infusions from the savings of the developing world in the past ten months, according to Morgan Stanley.
When Bryon, that rock-star-aristocrat-poet who’s body had once been seen as “too beautiful to look at” had breathed his last as an exile in Greece, the biographer Phyllis Grosskurth recounts how hs body was hacked, dismembered for a few choice souvenirs. And while its probably too early to sound the death knell for the American economy, one can almost hear the butcher-doctors sharpening their knives as the consumptive, once elegant economy, chatters away:
…Sovereign-wealth funds are as hard to grasp as shadows… America’s Congress has uttered barely a squeak as Wall Street’s titans have taken foreign cash. But when credit was loose it was alarmed at the state-backed acquisitions of oil companies and ports.