AS WE SIT here in our New York office surrounded by
snow half a metre deep, such issues as how to get home from
work take priority over global politics. The mundane matters
of daily life have pushed the other more abstract questions
into the back of our minds. The whole market seems to be
doing the same thing as it is ignoring the complex and
negative events that are occurring outside of its direct
view. Maybe we are not being fair, as it is hard to know how
to take the current events into consideration. Maybe we
should hide under our desks? Or perhaps go home
sick?
As an old-timer, I remember some mind-bogglingly bad times in
the forex market, such as the two weeks in early 1973 when the
markets closed and the dollar gapped down about 10% when they
reopened. Then there was the 1974 equity wash-out. We can't forget
the...
