Sunday, November 16, 2008

Joseph de la Vega on credit crunch

Joseph de la Vega was a Portuguese Jewish author who at first described practices of stock exchange in Amsterdam (including usage of derivatives). He came to his own financial fiasco in crisis of 1688. Following to this blog - I want to re-quote him…

Joseph de la Vega, 1688: "This year too was a year of confusion for many unlucky speculators declared in one voice that the present crisis was a labyrinth of labyrinths, the terror of terrors, the confusion of confusions...".

Doesn't that mean that this 2008 year wasn't a labyrinth of labyrinths in a backward perspective? I promise to return to it in 1 year.

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