Monday, July 27, 2009

The Albanian Financial Crisis of the 90s

I found an IMF scolding and lecture about the Albanian financial crisis post "freedom". It's pretty funny.

The IMF blames the bubble on the backward Albanian people, who were financially naive enough to believe that they could invest in something and get more money back! Those dumb Albanians. I wonder if they were stupid enough to believe that they could retire on their profits!

Then the IMF lectures about the importance of strong financial regulation with powers to shut down improper speculation.

And the Albanians, being the backward people they are, actually got mad when the scheme was revealed to be a fraud, and they realized that their investments were no good. They rioted! The proper thing to do, of course, is to give the 40lK (whoops, pyramid scheme) more money so that it overcomes your losses and looks as if you are in the black. And plan to work for the rest of your life. At least, that's what the financial advisors who give yearly talks to we employees tell us.

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