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Category Archives: Economics
WHAT DO FAT TAILS LOOK LIKE?
WHAT DO FAT TAILS LOOK LIKE? Kids, I have posted about Nassim Nicholas Taleb’s assertion that people mistakenly assume that the probability of most events is described by the usual normal or “bell-shaped” curve. Taleb thinks—as did Benoit Mandelbrot—that rare … Continue reading
Posted in Economics, History
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REHYPOTHECATION—A SCARY ARTICLE.
REHYPOTHECATION—A SCARY ARTICLE. I came across this story in the middle of the night. I will give a very cursory summary, but if you’re not yet worried enough about the financial crisis, you should read the excellent article (by Tyler … Continue reading
Posted in Economics, History
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UPDATE—CATASTROPHE BONDS.
UPDATE—CATASTROPHE BONDS. Over four years ago I posted here on catastrophe bonds, based on an article by Michael Lewis. Catastrophe bonds are issued to cover the risk of certain natural disasters in certain areas. (You can think of the principal … Continue reading
Posted in Economics
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MORE ON THE IMPORTANCE OF THE POTATO.
MORE ON THE HISTORY OF THE POTATO. The Smithsonian Magazine (November 2011) has an article on the potato adapted from Charles C. Mann’s book 1493: UNCOVERING THE NEW WORLD COLUMBUS CREATED. I posted several times in defense of the nourishment … Continue reading
Posted in Economics, History
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LIQUIDITY AS FIRE INSURANCE.
LIQUIDITY AS FIRE INSURANCE. An article by Francesco Guerrera in the Wall Street Journal (November 22) says that some of the biggest banks (he mentions Goldman, Morgan Stanley, and UBS) are keeping around 20 to 25% of their balance sheets … Continue reading
Posted in Economics
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THE LEHMAN BANKRUPTCY THREE YEARS LATER.
THE LEHMAN BANKRUPTCY THREE YEARS LATER. It’s amazing that the MF Global bankruptcy—only three years after the Lehman bankruptcy—is so similar to that disaster. It shows how little has been learned by players who are able to do enormous damage. … Continue reading
BIG ENOUGH TO CAUSE A LOT OF DAMAGE.
BIG ENOUGH TO CAUSE A LOT OF DAMAGE. The good news about the MF Global bankruptcy is that the institution seems to have been small enough to be permitted to fail. It was also apparently not involved in so many … Continue reading
Posted in Economics
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REVERSE LOG ROLLING IN GREECE AND ITALY.
REVERSE LOG ROLLING IN GREECE AND ITALY. I wondered in this post from six weeks ago about the difficulties of putting together legislative coalitions in the United States to share the pain of cutting the deficit. Complicated bills are often … Continue reading
Posted in Economics
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PRESERVING GOOD ARCHITECTURE—OUTSIDE AND INSIDE (COMMENT).
PRESERVING GOOD ARCHITECTURE—OUTSIDE AND INSIDE (COMMENT). Lee Bryant commented here on my post about my five favorite buildings and expressed consternation at the tearing down of Richmond’s Old City Hall (and its replacement by the equivalent of a “high-rise DMV”). … Continue reading
Posted in Architecture, Economics
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HOW A BANK DEFAULT CAN BE DIFFERENT FROM A CHICKEN GAME.
HOW A BANK DEFAULT CAN BE DIFFERENT FROM A CHICKEN GAME. Kids, I posted here and here about how the negotiations about raising the American debt ceiling could be thought of as being like a chicken game, and Dick Weisfelder … Continue reading