It seems the more we know the less we learn

The most noteworthy feature of the fifth anniversary of the global financial crisis is how little the markets have changed. 

This week marked the fifth anniversary of the collapse of Lehman Brothers, an event that is seen as ushering in the worst global financial crisis since the Great Depression.

Paradoxically, the anniversary's most noteworthy feature is how little financial markets have changed . . . and why.

If we look back to 1934 – five years after Black Monday triggered the worst financial crisis of all time – the US led the way in restructuring its financial system.

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Max Walsh


Max Walsh was for many years one of Australia’s top economic and political commentators, highly regarded as a journalist, author and broadcaster. Throughout his career, Max was involved in all dimensions of the media industry, which has encompassed positions with two of Australia’s largest publishing companies and television networks.

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