Meme
Making provision for an uncertain future has taken the very simple form of an investment (usually leveraged, that is debt-financed) in a house,
Lo más sorprendente del 11 de septiembre es que no hubiera ocurrido antes. Estados Unidos llevaba años subvencionando a Israel. Había sostenido al régimen del sha en Irán. Había desplegado tropas en A...
La noción de un «choque de civilizaciones» es tan caricaturesca como la idea de que Estados Unidos solo está interesado en el petróleo de Oriente Próximo. Es
Inept or inflexible monetary policy in the wake of a sharp decline in asset prices can turn a correction into a recession and a recession into a depression.
Inchoate,
Fettle
Desideratum,
Currency peg can mean higher volatility in short-term interest rates, as the central bank seeks to keep the price of its money steady in terms of the peg. It can mean deflation, if the supply of the p...
Codicils,
Bond markets have power because they’re the fundamental base for all markets. The cost of credit, the interest rate [on a benchmark bond], ultimately determines the value of stocks, homes, all asset c...
Banks have evolved since the days of the Medici precisely in order (as the 3rd Lord Rothschild succinctly put it), to ‘facilitate the movement of money from point A, where it is, to point B, where it...
As masters of the bond market, the Rothschilds were already more feared than loved. Reactionaries on the Right lamented the rise of a new form of wealth, higher-yielding and more liquid than the lande...
A chaos so great and so obscure that nothing about it can be known’.
Two years later, to provide some competition in the secondary market, the Federal Home Loan Mortgage Corporation (Freddie Mac) was set up. The effect was once again to broaden the secondary market for...
The task assigned to the RAND* researcher Paul Baran in 1964 was to develop a communication system that would survive a Soviet nuclear attack. Baran suggested three possible structures for such a syst...
The performance of the American stock market is perhaps best measured by comparing the total returns on stocks, assuming the reinvestment of all dividends, with the total returns on other financial as...
The overwhelming impression is of professionals transformed into psychopaths – morally blinded, perhaps, by their narrow specialisms (that, at least, was the historian Friedrich Meinecke’s theory). Wh...
The limitation on this system was simply that the Exchange Bank maintained something close to a 100 per cent ratio between its deposits and its reserves of precious metal and coin. As late as 1760, wh...
The leaders of continental Europe would indeed plough relentlessly ahead with monetary union, so that by the beginning of 1999 the euro – a single European currency managed by an authentically federal...