Paul Woolley: “The Market Has Become Dangerous For Humanity…It Isn’t Reaching Equilibrium, It Is Falling Into Chaos”

Sunday, August 28, 2011
By Paul Martin

by Tyler Durden
ZeroHedge.com
08/28/2011

For anyone who is still confused why the tail-wags-dog reverse relationship of the stock market as a leading indicator to the economy, and to western civilization in general, can be a problem for said civilization (not to mention the former), once the current iteration of central planning loses control over everything, as it always does, here is an interview between German daily Spiegel and Paul Woolley, a one time fund manager, and currently head of the LSE’s center for Capital Market Dysfunctionality (sometimes affectionately known as the Princeton Economics department). His message for anyone who thought that Irene may have been a risk: you ain’t seen nothing yet: “The developments in recent weeks have made it quite clear that the markets don’t function properly. Things are spinning out of control and are potentially dangerous for society. Only a fraternity of academic high priests connected to the finance markets is still speaking of efficient markets. Still each market participant is pursuing their own selfish interests. The market isn’t reaching equilibrium — it’s falling into chaos.”

The Rest…HERE

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