Financial Götterdämmerung
- Financial Götterdämmerung
Apocalyptic forecast for the European financial system.
Writing in The Telegraph on the threat to Western European banking from the “unfolding debt drama” in Eastern Europe, Ambrose Evans-Pritchardpostulated:
If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.
… Whether it takes months, or just weeks, the world is going to discover that Europe’s financial system is sunk, and that there is no EU Federal Reserve yet ready to act as a lender of last resort or to flood the markets with emergency stimulus.
The Economist was unimpressed with Evans-Pritchard’s pessimism, calling him the Telegraph’s “in-house Cassandra,” and cautioning: “Beware doom-laden metaphors.”
(Götterdämmerung – literally “twilight of the gods” – denotes a cataclysmic collapse; the term was popularized by Wagner, who used it as the title of the last opera of his “Ring” cycle.)
Dictionary of unconsidered lexicographical trifles.
2014.
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