ECONOMICS Vatican document nails some of the causes of the GFC*

n the 1990s Democratic political adviser James Carville quipped that he used to think that if there was reincarnation, he wanted to come back as the president or the Pope. “But now I would like to come back as the bond market. You can intimidate everybody.”



Over a quarter of a century, and a global financial crisis, later Carville’s comment remains horribly relevant, although we might want to add the derivatives market to the bond market.
The intense…

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