At times of economic crisis, politicians like to blame investors, preferably foreign investors. Harold Wilson, the British prime minister in the 1960s, pointed the finger at bankers in Zurich. Prime Minister Mahathir Mohamad of Malaysia accused George Soros of undermining his country’s financial stability in the late 1990s. And in parts of Europe today, it is increasingly common to blame hedge funds, “locust”-like investors, or even credit-default swaps for the euro-area crisis.
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