Osama Bin Laden Caused Our Banking Meltdown And Financial Crisis?

Not in his wildest dreams could Osama bin Laden have imagined the long-term damage his atrocities would unleash on Western economies Photo: AP

9/11: How Osama Bin Laden Caused Our Banking Meltdown And Financial Crisis -- Jeremy Warner, The Telegraph

When historians look back on the financial and economic turbulence of our times, they will date it not from the start of the banking crisis in 2007, but to the bursting of the technology bubble at the turn of the century, or perhaps even earlier to the height of the Asian financial crisis in 1998.

The policies put in place to address these two events – first the dramatic accumulation of foreign exchange reserves by Asian economies to bolster themselves against future crises, and then the monetary easing applied by the Federal Reserve to deal with the aftermath of the dotcom boom – were to lead directly to today's banking meltdown and accompanying, rolling series of debt crises.

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My Comment: Jeremy Warner's outline on what were the policies that caused the financial crisis are sound .... but I would not blame Bin laden. Who do I blame .... in the end the buck always stops at the feet of our elected officials, and the electorate who continues to vote them back into power.