I believe that Iran should examine - from first principles - how a market economy might operate collaboratively to develop Iran's productive economy, rather than being operated as a casino for the benefit of financiers at the expense of the productive economy.

I look forward to working with my Iranian friends to achieve an economy fit for the 21st century.

Chris Cook's comments are not so much provocative as loaded with irony.

The mother of all ironies. Babylon falls and the land of the Medes (Persia) rises again. Cyrus the Great rocks on.

Ça plus change, ça plus la même chose.

Exactly. From SuddenDebt:

"Finance as practised in the last 30 or so years has no place in this brave new world. There is no room - or any need whatsoever - for chop-and-shop LBO strippers, asset pumpers, market operators, derivatives designers, financial engineers... No, this gallery of rogues has seen the end of their days. Instead, relationship finance will fast make a comeback, if only because the manufacture and placement of unprovenanced securities to faceless "investors" is no longer possible. From now on real investors - the only ones still left standing - will ask for every detail and reason behind their potential investments.

And the market knows... The collective wisdom of millions acting in their self-interest has ground market prices of old-style financial companies into dust. That's no coincidence and no "crisis", either. It's the most obvious sign that the Pony Express is no more... And like all major turning points there will be plenty of opportunity for those with foresight, once the dust settles.
Posted by Hellasious at Thursday, October 09, 2008 "

No economy, no Empire.