Ponce
16th May 2010, 02:25 PM
The World Has No Money, And The Emperor Has No Clothes.
Most of us are aware of the very old fairly tale by Hans Christian Andersen in which two weavers promise an emperor the finest suit of clothes imaginable, but from a fabric invisible to anyone who is unfit for his position or "just hopelessly stupid". Well, in the fairy tale it turns out that nobody wants to admit that they are "unfit" or "stupid", so when the emperor parades before his subjects in his imaginary new suit of clothes, it takes a child to cry out: "But he isn't wearing anything at all!" Well, many of us have been declaring that the world economy "has no clothes" for some time now, but when the anchor of NBC News declares it on national television it gets a bit more attention. During his recent appearance on The Late Show with David Letterman, NBC's Brian Williams was asked about the world financial situation. His answer included this shocking statement: "The world has no money, and the Emperor has no clothes."
During the interview, it was readily apparent that Williams was honestly shaken up by what had happened last Thursday in the stock market. But who can blame him? After all, most of us who watch the markets were totally stunned when the stock market dropped almost 1000 points exactly in less than an hour.
Normally a network news anchor is much more guarded and is much more careful about what is revealed to the public. But on Letterman's show, Williams gave us a glimpse of what he really thinks about the world economic situation....
"If I wasn't a tad too close to this, I'd probably not leave the house. But that's how bad it is."
So why did the U.S. stock market plunge so rapidly last Thursday?
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Two pages story.........pretty good.........
http://english.pravda.ru/business/finance/14-05-2010/113375-emperor_clothes-0
Most of us are aware of the very old fairly tale by Hans Christian Andersen in which two weavers promise an emperor the finest suit of clothes imaginable, but from a fabric invisible to anyone who is unfit for his position or "just hopelessly stupid". Well, in the fairy tale it turns out that nobody wants to admit that they are "unfit" or "stupid", so when the emperor parades before his subjects in his imaginary new suit of clothes, it takes a child to cry out: "But he isn't wearing anything at all!" Well, many of us have been declaring that the world economy "has no clothes" for some time now, but when the anchor of NBC News declares it on national television it gets a bit more attention. During his recent appearance on The Late Show with David Letterman, NBC's Brian Williams was asked about the world financial situation. His answer included this shocking statement: "The world has no money, and the Emperor has no clothes."
During the interview, it was readily apparent that Williams was honestly shaken up by what had happened last Thursday in the stock market. But who can blame him? After all, most of us who watch the markets were totally stunned when the stock market dropped almost 1000 points exactly in less than an hour.
Normally a network news anchor is much more guarded and is much more careful about what is revealed to the public. But on Letterman's show, Williams gave us a glimpse of what he really thinks about the world economic situation....
"If I wasn't a tad too close to this, I'd probably not leave the house. But that's how bad it is."
So why did the U.S. stock market plunge so rapidly last Thursday?
================================================== ===
Two pages story.........pretty good.........
http://english.pravda.ru/business/finance/14-05-2010/113375-emperor_clothes-0