Emerging markets aren't just suffering through another market rout—it's a third wave of the global financial crisis, Goldman Sachs said.…
The emerging market wave, coinciding with the collapse in commodity prices, follows the U.S. stage, which marked the fallout from the housing crash, and the European stage, when the U.S. crisis spread to the continent's sovereign debt, the bank said.…
Goldman: This is the third wave of the financial crisis
Leslie Shaffer
1 comment:
Goldman was head-cheerleaders for the commodity super-cycle. They flogged more debt and financed more investment than most other banks-- investment that they now say was excessive and needs to be scrapped. They advised on the glencore-xstrata merger. Now they say Glencore stock has zero value. And all those companies that are filing bankruptcy and/or not going to pay bonds and/or leave stock holders in the lurch, well, Goldman is advising them on the sale of assets.
Go Goldies! God's work, Hope and Change.
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