Media Type

Article

Publication Date

10-23-2008

Description

First of all let me thank ICAP for inviting me to this very important meeting. I feel that there is a lack of understanding of the global financial crisis, what its consequences are and more importantly what are the lessons. We all seem to believe in rhetoric, slogans and platitudes and one of the most popular platitudes these days is that ‘capitalism is dead’ and nationalization is the word which will prevail over the entire global finance. If we draw the wrong conclusions we are going to make even more mistakes and, therefore, it is important to put this in the proper perspective and an audience as sophisticated as yours should try to sift the facts from the myths and fiction. It’s alright for the media pundits to sensationalize the issue but for professionals like you and me, we owe it to ourselves and to our professions to make a more rigorous and more in-depth analysis of the issues

Notes

Speech delivered at the Seminar organized by the Institute of Chartered Accountants of Pakistan (ICAP) at Karachi on October 23, 2008

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