November 8, 2010

Andrew Sheng - "it's a shell game in which somebody has taken away the shell."

Andrew Sheng, the Chief Adviser to the China Banking Regulatory Commission, and author of the book 'From Asian to Global Financial Crisis' boils down the global financial crisis that was created by Wall Street's reckless financial engineering and con tricks: "it's a shell game in which somebody has taken away the shell." This quote is from a lecture that he gave last year, on November 9, 2009, at the Lee Kuan Yew School of Public Policy, National University of Singapore (NUS). The entire lecture (1 hour and 25 minutes) is posted below. He makes the comment at the 1:01:25 mark.