vendredi 7 novembre 2008

Crisis of the crisis

The crisis itself is, again, going through one of its crises. Will it pull through? There have been signs that the crisis' could be losing its identity, now that the taxpayer has so obligingly handed over the cash. The banks had money again and the markets steadied, then recovered. Plus the local elections in the US boosted people's optimism. All this sent the crisis into remission. Perhaps the landing will be soft, the recession short and shallow.

More recently, though, the crisis has shown some resilience and determination to pull through this uncomfortable patch. Profits have slumped, IMF bailouts have been flown in and stocks have slid - things are returning to normal for the crisis. The doctors are still uncertain as to what will happen.

This particular subset of the crisis, the crisis' crisis, is also subject to crises. These crises themselves are subject to further crises. And so on. Until