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Old 10th December 2009, 06:59 PM
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Paul Volcker: ATM Was the Peak of Financial Innovation

Paul Volcker's latest speech and North korea's latest currency stunt (see http://www.bloomberg.com/apps/news?p...d=aw8p.PYArpkM) made me realize how huge this 30 year old credit cum dollar bubble has become. And all ponzis however large will finally come to an end, eventually. The ending part will be the really scary part as ponzis invariably end in a bang.

I think the world is going to see some very significant changes over the next 10-15 years, so I guess what Duck has been preaching may well come true.

By now, everything is becoming clear. If you have a toddler today, it's better to send your toddler for mandarin classes. By the time the child graduates from college, the world will be a very different place.

http://www.sodahead.com/business/pau...estion-768821/

Quote:
Amid throngs of bankers arguing that new regulations should not impede on financial "innovation," Volcker pushed back, blasting Wall Street's increasingly complex financial products as useless to economic growth. In what seems to have been a shot at exotic securities, he named the ATM cash machine as the most successful financial innovation in the past 20 years, the Times reported.
http://www.bloomberg.com/apps/news?p...d=aw8p.PYArpkM

Quote:
North Korean Won Plunges 96% After Government Revaluation
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By Bomi Lim

Dec. 9 (Bloomberg) -- The North Korean won has plummeted 96 percent against the dollar after the government revalued the currency last week, according to reports by Yonhap News Agency and a South Korean aid group.

Last edited by touchring; 10th December 2009 at 07:17 PM..
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