dis·com·bob·u·lat·ed: confused, baffled, bewildered, puzzled.
When it comes to discombobulated people, the financial World has a bunch of them. Leading the pack during the roaring 1990s was the King of Confusion himself – Alan Greenspan. His money reign at the US Federal Reserve was highlighted by bailing out Wall Street’s biggest hedge fund, which planted the seed for the dot-com bubble.
Unfortunately for the market, only the combination of retirement and hindsight allowed Mr. Greenspan to become less confused when he admitted he had found a “flaw” in his economic philosophy.
Next up on the baffle scale has to be the Eurozone. The decision in 1995 to create a common currency was actually brilliant. The final watered down product – not so much.
For the euro to work, it appears you do in fact need a single government entity with the power to institute tax policy and government debt issuance. Fifteen years later, half of Europe remains discombobulated as to why they needed the bailout in the first place, while the other half remains discombobulated as to why they have to bailout the other half. Once again, confusion reigns.
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IceCap Asset Management Limited Global Markets 2013.9
