We see all over the media now that supposedly smart financial industry people, who have lost enormous amounts of money crying out “but no one could have predicted this!”.
They are desperate to save their reputations, jobs and fortunes. If they establish this as the official truth, that “no one could have predicted this” then they are safe, and can live to see another day. If not – they are gone, as they should be.
This could have been predicted, and it WAS predicted in great detail. This financial crisis was predicted by the Austrian School of Economics, a well established framework of thought and analysis that has been disreputed during this fiat money boom of the last generation.
The financial industry who made these mistakes should now be washed out and replaced by more oldfashioned, sober, soundly critical, austrian types. This will not happen, but it is what should happen.
Farmann - TV Norway