Black Swan Capital - All Dressed Up and No Place To Go - Crisis Off Again

Letting a good crisis go to waste: will they do it again? Back in 2007 some no-name GOP political candidate with two first names emphasized the need to restructure our monetary system. But he had a hunch government would not even consider tackling the problem until a major crisis descended upon the US financial system. About a year later, that crisis arrived. And while it centered on the US, it became a global financial crisis. It began with a bursting and subsequent deflation of the US real estate bubble; it continued with the insolvency of major banks and institutions; it was underpinned by a swollen and swelling budget deficit; and it was topped off with debt-strapped US households. There is more, but one would think that's enough of a crisis to spur action. Actually, it was. Currency Currents 2 December 2011