Editor's Note: Arshad Sayed is World Bank Country Manager in Ulaanbaatar, Mongolia.
Madoff made off with billions, Nassim Taleb kept sighting unseen Black Swans, and the global economy has been in a tailspin. Meanwhile, I have been ensconced on the Mongolian Steppe. It's so far from it all that the approaching recession looked impenetrable – until now.
The prices for Mongolia’s major export, copper, and the herder’s main sources of livelihood, cashmere and meat, are in free fall. Why?
What unleashed this financial maelstrom that threatens to besiege my neighbor’s lives seemingly so disconnected from those at the center of it on Wall Street? As I look for answers there is no shortage of raison d’êtres.
Continue reading "Living in a Madoff World" »
Posted by Arshad Sayed on January 29, 2009 in East Asia and Pacific | Permalink | TrackBack (0)
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