Fashion models and financial models are similar. They bear a similar relationship to everyday world. Like supermodels, financial models are idealized representations of the real world, they are not re...
The truth is that banks are the last feudal kingdoms, their rulers omnipotent, divine warlords. Their key lieutenants are 'ronin' (wandering mercenary samurai) who roam financial markets ready to ally...
While the changes that are necessary are actually simple, they're painful, and require courage and sacrifice. Living standards will decline in real terms. Citizens will have to save more and consume l...
The sordid necessity of living for others.9
Bertolt Brecht's observation in The Threepenny Opera that eating takes precedence over morality. Emerging
Risk management seemed to have completed its transformation into pure entertainment. Dudley seemed the epitome of a risk manager who would drown crossing a river that was 12 inches in depth .
The world is entering a period of stagnation, the new mediocre. The end of growth and fragile, volatile economic conditions are now the sometimes silent background to all social and political debates....
Traders risk the bank’s capital: they literally bet the bank, at least up to their limits. If they win then they get a share of the winnings. If they lose, then the bank picks up the loss. Traders mig...