Monday, 20 April 2009

Seen it all before

A long-in-the-tooth asset manager I was speaking to last night affected an air of general boredom about the credit crunch.

"Seen it all before am afraid. Debt builds up then gets blown away. Everything comes and goes in cycles."

And this was no crusty old bore, indeed he is in the process of setting up a company to fund green energy projects.

But on the other side of the coin, breathless journalists reel with shock at discovering finance.

"The world is in an era of epic economics. So huge are the challenges, they will define domestic politics for years," pants youthful Faisal Islam at Channel 4 News in his blog, which launched today.

Economics is the new, new thing it seems.

I wonder how long this will last. The attention-disordered media spotlight rarely cares about anything long enough to improve it, so I fear that this late conversion to economics will be as good for finance as Paris Hilton's Damascene moment was for (robed) men in cloth.

But, ever fearful of being over-cynical, feel free to take up Islam's final plea:

"An epic economic era requires an equally epic response, so please get involved."

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