European Tribune - Comments - No One Saw it Coming?

No One Saw it Coming? | 43 comments (43 topical, editorial, 0 hidden)

Re: No One Saw it Coming? (4.00 / 6)

"wealth": It took me a long time to arrive at meaningful translation, in fact a close encounter with AmEx hiring inquisition. Wealth is a synonym of permissable leverage and is not equivalent to market value of assets (e.g. gold bracelets) or even reported net income (e.g. liquidity). It is a political trope, of this I am convinced.

Diversity is the key to economic and political evolution.

by Cat on Sun Jul 12th, 2009 at 07:23:43 PM EST
[ Parent ]

Re: No One Saw it Coming? (4.00 / 5)

Yep - it's a symbol for permissable leverage.

You can create wealth just by being aggressively leverage-ish enough.

The current cult of wealth is a feudal cult of leverage. The associated numbers are a misdirection.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sun Jul 12th, 2009 at 08:44:27 PM EST
[ Parent ]

Re: No One Saw it Coming? (none / 1)

The feudal system has rights and obligations both ways. The current system is one way, thus not particularly feudal.

--
$E(X_t|F_s) = X_s,\quad t > s$

by martingale on Tue Jul 14th, 2009 at 08:21:41 PM EST
[ Parent ]

Re: No One Saw it Coming? (4.00 / 3)

nitpicker :D

Diversity is the key to economic and political evolution.

by Cat on Wed Jul 15th, 2009 at 01:49:13 AM EST
[ Parent ]

The rationalization of the feudal ... (4.00 / 2)

... system involved rights and obligations in both directions ... in many cases the flows of rights and obligations amongst members of the feudal aristocracy worked better than the flow of obligations from the aristocracy to the commons, which were in many cases honoured in the breach rather than the act.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Jul 16th, 2009 at 03:37:11 PM EST
[ Parent ]

Re: No One Saw it Coming? (none / 0)

MarketTrustee:

Wealth is a synonym of permissable leverage

Excellent insight.

The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.

by Migeru (migeru at eurotrib dot com) on Wed Jul 15th, 2009 at 04:14:31 AM EST
[ Parent ]

No One Saw it Coming? | 43 comments (43 topical, 0 editorial, 0 hidden)

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