[bssd]也说08年# Stock
g*t
1 楼
下面是07年黑天鹅一书里面的话：
Globalization creates interlocking fragility, while reducing volatility and
giving the appearance of stability. In other words it creates devastating
Black Swans. We have never lived before under the threat of a global
collapse. Financial Institutions have been merging into a smaller number of
very large banks. Almost all banks are now interrelated. So the financial
ecology is swelling into gigantic, incestuous, bureaucratic banks – when
one falls, they all fall. The increased concentration among banks seems to
have the effect of making financial crisis less likely, but when they happen
they are more global in scale and hit us very hard. We have moved from a
diversified ecology of small banks, with varied lending policies, to a more
homogeneous framework of firms that all resemble one another. True, we now
have fewer failures, but when they occur ... I shiver at the thought.
Globalization creates interlocking fragility, while reducing volatility and
giving the appearance of stability. In other words it creates devastating
Black Swans. We have never lived before under the threat of a global
collapse. Financial Institutions have been merging into a smaller number of
very large banks. Almost all banks are now interrelated. So the financial
ecology is swelling into gigantic, incestuous, bureaucratic banks – when
one falls, they all fall. The increased concentration among banks seems to
have the effect of making financial crisis less likely, but when they happen
they are more global in scale and hit us very hard. We have moved from a
diversified ecology of small banks, with varied lending policies, to a more
homogeneous framework of firms that all resemble one another. True, we now
have fewer failures, but when they occur ... I shiver at the thought.
