Hawk-eyed!
Footnote on the current interest rate discussion in the US and elsewhere, drafted on Sept. 3, 2007
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I suppose, we all agree that the faltering of the asset backed commercial paper market, that we are witnessing
these days is the consequence of a lack of trust in the (inter-banking) market place. This lack of trust, however,
which is causing the current problems is not the result of an unforeseeable technical problem in the mathematical
management of funds nor is it a concoction of metaphysical powers that is creating the glitch. For too much has it
been our own poor risk management making, which has caused the current mess, that we could now allow
ourselves dope us out of it.
No, no, we do not want to run ourselves in even deeper problems later, we cannot ask the Central Banks to
remedy the worst effects of our own miscalculations but we will have to find the trust in and out of ourselves to
overcome the situation. For too much would we else have ducked our own responsibility that we could now still
hope to adequately manage it.
Given therefore, that there is no other way for overcoming pain but to accept its presence here and now, we urge
our readers not to follow the finger-pointing advice that others are trying to give us now. For too much would they
else have shied away from the present challenge that they could now still trust to overcome the future ones.
Footnote on the current interest rate discussion in the US and elsewhere, drafted on Sept. 3, 2007
-------------------------------------------------------------------------------------------------------------------------------------------
I suppose, we all agree that the faltering of the asset backed commercial paper market, that we are witnessing
these days is the consequence of a lack of trust in the (inter-banking) market place. This lack of trust, however,
which is causing the current problems is not the result of an unforeseeable technical problem in the mathematical
management of funds nor is it a concoction of metaphysical powers that is creating the glitch. For too much has it
been our own poor risk management making, which has caused the current mess, that we could now allow
ourselves dope us out of it.
No, no, we do not want to run ourselves in even deeper problems later, we cannot ask the Central Banks to
remedy the worst effects of our own miscalculations but we will have to find the trust in and out of ourselves to
overcome the situation. For too much would we else have ducked our own responsibility that we could now still
hope to adequately manage it.
Given therefore, that there is no other way for overcoming pain but to accept its presence here and now, we urge
our readers not to follow the finger-pointing advice that others are trying to give us now. For too much would they
else have shied away from the present challenge that they could now still trust to overcome the future ones.
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