Richard Murphy needs to put up or shut up on Greece
Posted by Christie Malry on April 9, 2010 at 10:12 pm
Ritchie's capacity for melodramatic statements remains undiminished. Today he's slagging off the "markets" which he thinks are mispricing Greek debt.
So Greece has a problem. A problem of unpaid tax in the main. But the market’s ove-react, as ever, exacerbating an issue way beyond any reaonable limits.
In other words, all the problems of market excess remain in place despite 2007 onwards.
If we don’t reform these markets will seek to bring our societies to ruin. That’s not a melodramatic statement. It may understate the case.
What's the problem here? If markets are mispricing something then it should be viewed as an opportunity.
Ritchie needs to put his money where his mouth is. The market's refusing to buy Greek debt, because potential buyers think it's too risky. They want a higher return to compensate them for the risk; meaning the price falls.
So the Ritchies of this world should fill their boots with Greek debt and make out like bandits when the market comes to its senses. If the idea of making a tidy profit makes him uncomfortable, he could always give all the profits to Oxfam.
The fact that he's not doing this speaks volumes. Socialists are always happy to spend other people's money but they can never seem to find their wallet when it's time to commit their own.
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