Magazine article The Spectator

Global and Suburban: Writing in the Spectator's Special Finance Issue

Magazine article The Spectator

Global and Suburban: Writing in the Spectator's Special Finance Issue

Article excerpt

The world's financial markets now find themselves in the front line. They learned that last month in a few hideous minutes. Now they have to adjust to a new and more dangerous world in which they themselves are the targets. They are the elaborate product of an elaborate civilisation, and the technologies by which they have lived and flourished have been turned against them.

They are adjusting, as markets do. In that sense, it is business as usual. Their job is to put a price on the balance of risk and reward. They allowed themselves to be carried away with excitement - as, every so often, markets always will - and have suffered for it, but their resource and tenacity speak for themselves. In this special issue of The Spectator, Andrew Edgecliffe-Johnson of the Financial Times reports from the front line in New York. …

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