Financial Times FT.com

Addicts left in charge of fixing the system

By Tony Jackson

Published: November 8 2009 20:11 | Last updated: November 8 2009 20:11

It is by now sadly apparent that we are in another asset bubble. It is perhaps most acute in emerging markets but plain enough in the developed world as well. The chief cause, of course, is action by governments to repair the damage from last time round.

Though the pattern has become familiar, it is chilling that this outbreak should come so soon after the biggest bubble in living memory. But that is how addiction works: bigger fixes at shorter intervals.

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