Over the last week or so, I've seen a TONNE of posts describing the FTX disaster (and that is what it is, a fraudulent, unmitigated and damning disaster) as a 'Lehman Moment'. I think there's a few reasons why people are referencing this, but it's wrong.
I know, I know... It's cool to hate on central banks and blame them for all the problems in an economy. And I do! I really do.
Is this ex-BoE economist wrong? No way. An economist being wrong? Surely not? I don't quite get this recent Tweet from Mr Blanchflower...
I've always wondered about the relationship between FTX and Alameda, the entity that 'is but isn't' related to FTX.
No joke, I think if you're able to understand the role interest rates play in the economy and in financial markets then you are halfway to winning the battle of being able to construct winning ideas.
If you have been reading and watching UK media recently, you're probably quite aware of the furore surrounding what the BoE has been up to in apparent response to the mini-budget shenanigans of the new Tory government.
Book depth is non-existent. Liquidity is non-existent.
Some people are ecstatic, some in disbelief, some unsurprised... Mixed feelings all around, just like markets, always.
