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'SO WHO CAN LEAD US OUT OF THIS MESS?' - cried the British Observer on 6 September 1998. It was focusing then on the world economy 'on the brink' of collapse because of the unsettling events in the South East Asia and Japan? Russia and Latin America, over which nobody seemed to retain any control.
The extent of the volatility of the major world markets was vast and totally unpredictable for all but a handful of the big professional gamblers with money to burn. 'Investors in the stock market have to be ready for ups and downs. Everybody knows that. But who was prepared for the market's manic depressive mood swings of the past few weeks?' - asked the International Herald Tribune, adding that 'professional traders like wide swings in the stocks because on the large blocks of shares tliat they trade, they can make money on even the tiniest move'." The smaller investors, who in recent years flocked into the burgeoning stock market in large numbers, were not so lucky and were much more exposed to the changed rules of the game. p"
Those rules had indeed changed, but the game itself seemed so profitable and the luck so constant that the corporate gamblers who set the rules for the Game of a Bigger Fool could superpower confrontation. As popular wisdom suggests, a novice should not enter into the game of professional card-sharpers, and if, driven by greed or curiosity, he still does, lie should not complain too much afterwards. However, greed is anything but moral and a greed-driven economy is anything but stable. Hence, any manifesta tion of approaching instability brings back those comfortably forgotten questions of morality, - first and foremost, the morality of leadership.
'There is no one in charge. The world elected to privatise power - but failed to privatise authority or leadership. Gridlocked politics and personal failure have left the most important societies adrift' - complained the Observer^2 In the paper's judgement, 'Clinton and Yeltsin are lame ducks, and Germany's likely leader Schroder, simply waffles... Blair needs confidence, and no one believed pledges from Obuchi or 78-year-old Miyazawa.'
'We are in a very critical situation because-the rules of tlie game are beginning to fall apart,' - noted one of the wealthiest market gurus of tlie world, Mark Mobius of the American Templeton Worldwide mutual fund, whom the Sunday Telegraph called the Pied Piper of emerging markets.13 Having lost about $10 billion in the financial turmoil around tlie world, he also had a word to say about the profit-driven actions of the hedge fund plavers like George Soros and Julian Robertson of Tiger Management. Vet, he could not blame them for knocking down world currencies ranging h'om the British pound to the Russian rouble as 'they are only plaving tlie game according to the rules allowed by the authorities.'
'That's a. very political question,' he said. 'A friend of mine in Washington says they are allowed to do that because they contribuie a lot
10to the political campaigns. You think Clinton and his games have nothing to do with financial markets, but it has a heck of a lot to do with it