Mr Darling writes

Friday, October 10, 2008

Mr Darling writes

In The Financial Times today, Alistair Darling, our beloved and revered chancellor, has penned his thoughts. As he toddles off to Washington, he tells us:

We need to shift the IMF's focus towards surveillance of the links between the financial sector and the real economy. It will identify risks in advance, co-operate with the Financial Stability Forum to design policy and regulatory responses and strengthen links between ministers, in the Group of Seven and beyond, to ensure effective follow-up. The world economy is changing. Sticking with the solutions of the past is not an option. Now, more than ever, we need new ideas.

"…It will identify risks in advance"?

Bit late for that isn't it? Or is Darling thinking in terms of "better luck next time"?

What's the market in soup kitchen futures like?

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Quotes of the day

Via Reuters:

"This is panic... There's nothing left for us to trust," said Takashi Ushio, head of investment strategy at Marusan Securities. "Investors are scurrying to convert to cash. A lack of confidence is coupling with panic."

And, from Warren Buffett in 2002: "In fact, the reinsurance and derivatives businesses are similar: Like Hell, both are easy to enter and almost impossible to exit."

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