The Information Matrix: Once Seen, Cannot be Unseen
Another day, another Economist attempts to unsee the Information Matrix. Their attempts to unsee would be amusing if we treated Economists like... Read More
It is Always Easier to Make Money Through Predation
As demonstrated by the hundreds of billions of dollars of fines paid by the Too Big to Fail banks, where possible Wall... Read More
After a Decade, the Queen Deserves an Honest Answer
It was almost a decade ago when the Queen of England asked at the London School of Economics how come the Economics... Read More
Stress Tests Undermine Capitalism
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The first sign the Obama Administration was seriously uninterested in fixing the US financial system occurred when then US Treasury Secretary Tim... Read More
Economics: The Gap between Brilliant and Useful
Nicholas Gruen, CEO of Lateral Economics, highlighted a major problem with Economics today while talking about Nobel prize winning Economist Paul Krugman: his... Read More
The Financial Crisis Response and the Death of Truth
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The 2008 response to the acute phase of the Great Financial Crisis contributed directly to the death of truth. Michiko Kakutani asked... Read More
Behavioral Economics, the Information Matrix and Financial Crises
The Information Matrix provides the framework for understanding financial crises using behavioral economics. Behavioral economics recognizes people like a good story. In... Read More
A Reassuring Lie
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When the Queen of England asked Economists (including finance professors too) in 2008 why they had failed to see the financial crisis... Read More
James Galbraith: There are No Markets Without Governance and Government and Regulations
I don’t know why people are so surprised by and reluctant to accept the narrative we had an opacity driven financial crisis.... Read More
Federal Reserve’s Purchase of Economics Profession Gives it Control Over Narrative
“The real key isn’t about whether what I say is true, but whether you believe it. From start to end, the direction... Read More
Lying About the Financial System and the Rise of Populism
Opacity in the financial system has given rise to the return of populism. In early 2009, the Committee to Save the Banks... Read More
Contagion: A Product of Opacity on Wall Street
Bankers are great story tellers. Perhaps their greatest self-serving story is the one they tell about contagion. By definition, contagion occurs when... Read More
Transparency: Missing from Econ 101 and Finance 101
Since the beginning of the acute phase of the Great Financial Crisis, people like the Pope have championed restoring transparency across the... Read More
“Transparency: a Necessary, but Not Sufficient Condition…”
Late last week, the Pope cited the need for ethical behavior in finance. To achieve this, he called for restoring transparency across... Read More
The Pope, the Information Matrix and Transparency
In a 10,000 word papal encyclical on the global financial system, the Pope looks at who is doing God’s work. He sides with... Read More