CONSEQUENCES GAME PLAYS OUT TO BITTER END

By the end, the consequences are divorced from the original event.

A more serious version of this game is playing out in the markets. Until the final outcome is known, it is hard to make any long-term investing decisions.

Some versions of the game have been going on for a long time. For example, when President Lyndon Johnson decided it would be a good idea to sell the government mortgage agency Fannie Mae, to balance the books in the Vietnam war era, the outcome took four decades to become clear.

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約翰•奧瑟茲

約翰•奧瑟茲(John Authers)是英國《金融時報》的Lex主編,是全球最具影響力的金融市場專家之一。他於1990年加入FT,曾經擔任美國市場編輯、美國銀行記者和墨西哥分社社長。奧瑟茲畢業於牛津大學,並且擁有哥倫比亞大學的MBA學位。

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