Friday, April 22, 2011

Quote of The Day

It will soon be the 80th anniversary of the failure of Austria's Credit-Anstalt bank (which triggered the Great Depression and ultimately WW2). Here's Peter Coy quoting Harold James:
"The scariest thing about the Credit-Anstalt default is that it occurred in a small, peripheral country, just as today's worst problems are concentrated so far in Greece, Ireland, and Portugal, which combined make up just 5 percent of the 27-nation European Union's gross domestic product. 'Austria is a tiny, tiny little place, and you wouldn't imagine it could set off a chain of domino reactions. But it did. I do see exactly that potential now,' says James."
Peter Coy
 Who will be the next Zoltan Hajdu?

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