Comment 24868

By Ted Mitchell (registered) | Posted June 03, 2008 at 09:53:10

I think the best metaphor for the market is a flotilla of ships on the ocean that, left to their own devices, have only one goal: maximum speed.

Direction, velocity, these things need to be imposed, internally by the private captains, or externally by governments. Only then can you have most of the ships mostly going in the desired direction.

Otherwise, they run aground, ram each other, or just go madly off in all directions.

Those who believe the market is fundamentally good and self regulating, need to reset their metaphors away from that religion. There is just no evidence for it if you are being objective and not rationalizing away the unfavourable data.

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