Our faith in our narratives is as strong as any religious faith we so commonly reject in the name of modern rationalism. When we do change our minds, it is more from evolution than revolution; evolution is gradual and unconscious, revolution is violent and threatening. Revolution comes from a radical element that represents a minority view, but it is enabled by another minority that finds it less of a threat and maybe even an asset serving their narrative. Revolutions incite defensiveness and reaction; responding more to passion than reason and the destruction of critical institutions that become taken for granted.
Read More
With the clarity of time we can look back at the brink of the collapse that hit us just prior to the last national election. In the midst of the collapse we were stunned and angry, and tended to blame
Read More
My first article published at American Thinker– The iron law of bubbles excerpts: But this same infatuation with talent can be attached to more than money; it can be attached to power. With capitalism struggling to recover from yet another
Read More
One of the most intriguing concepts of economics is the concept of “moral hazard.” It is a corollary to a more obvious principle that everything has a cost. An understanding of it is critical for those whose world view is
Read More
Obama has posed this question and seems to think we can. William Dudley the new president of the New York Federal Reserve thinks they can and should act to identify and prevent asset- price bubbles. I remain very skeptical. The
Read More
Recent Comments