Matt Taibbi’s newest at RS: Congrats it’s 9/11
O’Neill last week wrote a long farewell letter (he’s been moved to Goldman Sachs Asset Management, also the presumed new post-Dodd-Frank home of Goldman’s prop traders), using the anniversary of 9/11 as occasion to reflect on his changed professional status.
Was O’Neill moved by the memory of 9/11 to reflect upon the meaningless of wealth and profit compared to life, good health, and family? Did he look back at all that death and suffering and find himself moved to silent reflection?
Nah. What O’Neill did instead was look back at 9/11 and recall that that was the event that led him to make his famous “BRIC” call — a prediction that in the wake of 9/11 the economic influence of the United States would wane and emerging nations like Brazil, Russia, India and China would rise to take its place. O’Neill’s BRIC theory became the cornerstone of Goldman’s economic policy last decade. It worked out well for them. It was, as O’Neill, a Brit, would say — a good show! It was the righteousness of this prediction that O’Neill chose to remember on the anniversary of 9/11:
1. 9/11 and the state of the world. As many of you probably know, the atrocity of that day was one of the key forces that led me to conceive of the BRIC theme. Through its horror, it suggested to me that for globalization and the world economy to thrive, we all needed to accept a world in which different social and political philosophies could sit side by side. Luckily, and despite the staggering challenges we have been through since, by and large, that seems to be the case. Of course, as much as many negatively inclined commentators allude to the poor performance of the major economies and major markets, since 9 years ago, many emerging markets, led by the BRIC nations, have enjoyed spectacular rallies.
I still wonder why most of these fuckers aren’t wearing prison orange…I really do. The fact that he brags on how well all ‘the markets’ have done since the original 9/11 really takes a big set of brass ones.