Without easy credit creation a true bubble cannot occur. That is why so many bubbles have their origins in the sins of omission or commission of central banks.
We shall quickly find ourselves about as important to the algorithms as animals currently are to us.
Volte-face
Until the archives of the Masonic lodges became accessible, researchers were heavily reliant on memoirs and documents confiscated and published by the Order’s foes. Amongst the materials said to have...
Unintelligible because the print was so small.
Though this was not formally demonstrated until the 2010 mid-term elections to Congress – Facebook was a highly effective tool for political mobilization, especially when used to target local non-digi...
There is nothing safer than lending money to people with property. Why? Because if they default on the loan, you can repossess the house. Even if they run away,
The price people are prepared to pay for a piece of a company tells you how much money they think that company will make in the future. In effect, stock markets hold hourly referendums on the companie...
The crisis prompted the issue of emergency paper money: in Britain, £1 and 10s Treasury notes; in the United States, the emergency currency that banks were authorized to issue under the Aldrich-Vreela...
The air was filled with obscure ideas
The German Workers’ Party. Their principal goal, declared its leader in 1913, was ‘the maintenance and increase of [German] living space’ (Lebensraum) against the threat posed by Czech Halbmenschen (‘...
Splenetic
Some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the soc...
Solo unas lecciones de vuelo y unos cutters. En el momento en que escribo, ochenta lecciones de una hora de vuelo incluidos el coste del alquiler de la nave y la instrucción cuestan menos de nueve mil...
Simple point is that institutions are to humans what hives are to bees. They are the structures within which we organize ourselves as groups. You know when you are inside one, just as a bee knows when...
Seigniorage
Parsimony.
Non-Western countries had, until quite recently, highly unreliable legal systems and differing accounting rules. If a foreign trading partner decided to default on its debts, there was little that an...
No man prepar’d for it; no man consider’d it would come like a Thief in the night, exactly as it happens in the case of death.’74
Most money is invisible, little more than numbers on a computer screen?