{"id":11931,"date":"2010-08-11T13:06:06","date_gmt":"2010-08-11T17:06:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11931"},"modified":"2010-08-11T13:06:06","modified_gmt":"2010-08-11T17:06:06","slug":"the-economic-crisis-no-one-saw-coming-a-convenient-untruth-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/08\/11\/the-economic-crisis-no-one-saw-coming-a-convenient-untruth-2\/","title":{"rendered":"The Economic Crisis No One Saw Coming: A Convenient Untruth"},"content":{"rendered":"

By Elliott Wave International<\/span><\/h3>\n

The single most convenient untruth about the 2008 (and counting) financial crisis is that it was unforeseen. For two years policymakers have insisted “There was no way to know ahead of time<\/em>” that the liquidity boom would come to a screeching halt. Back in November 2008, in fact, the usually tight-lipped Queen of England herself publicly described the turmoil of international markets as “awful” and openly asked a panel of experts from the London School of Economics “Why did nobody<\/strong> notice?<\/em>”<\/p>\n

Her Majesty is right: Most <\/em>financial authorities did NOT notice the crisis before it was too late. Comedy Central’s “The Daily Show with Jon Stewart” of all places provided the most poignant evidence: A March 2009 <\/strong>video montage shows executives and economists from the world’s leading financial firms repeatedly forecasting continued upside strength in stocks, plus renewed bull market growth in financials — right as debt markets came unhinged and the US stock market headed into a 50%-plus selloff.<\/p>\n

Dubbed the “8-Minute Rap” (after the “18-Minute Gap” of Nixon’s Watergate tapes), the Daily Show video feature sent an equally powerful message, as the clip below makes plain<\/strong>. <\/a><\/p>\n

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