Lybia , SAS sent 2 hunt Gaddafi & avoid Iraq scenario, country revival difficult gioven lack of institutions , how to build a working state from nothing.South Africa Zuma opposed to release of funds to rebels.
Jackson Hole, is Hildebrand a guest ? Tbhis year the cause of market turbulence are governments, cdntral banks are more relaxed unlike last year.
CH EU tax bilateral continue with Greece next, Switzerland becoming informally a member of the EU, end of fiscal priviledges favored by its federalistic decentralised institutions seeking 4 fiscal advantage even within Switzerland. However Brussels not fond of these bilateral agreements because dont include companies in a quest of fiscal harmonmisation
On economic theory demise after crisis, John Kay and epistemological thinking 4 an FT editor and LSE lecturer, notes the fragmented debate with missing consensus even on empirical data. The latter should be foundation for a new start. Quote « Consistency and rigour are features of a deductive approach, which draws conclusions from a group of axioms – and whose empirical relevance depends entirely on the universal validity of the axioms. ....For many people, deductive reasoning is the mark of science: induction ....not just in applied subjects such as engineering and medicine but also in more theoretical subjects including physics – is frequently the result of observation that something does work, which runs far ahead of any understanding of why it works. .... In 1995 Prof Lucas was awarded the Nobel prize for economics, and in his prize lecture he provides a succinct summary of his central model. This simplification method is very different from the physicist’s simplification, which abstracts to focus on a single element of a problem. Prof Lucas has described his objective as “the construction of a mechanical artificial world populated by interacting robots”. An economic theory is something that “can be put on a computer and run”.
Structures such as these are “analogue economies”, complete systems that loosely resemble the world, but a world so pared down that everything is either known or can be made up »
Garry Silverman on New York risking 2 become Detroit
Samuel Brittan on Marx thinking propelled by Roubini and Magnuson quotes Marx himself, whatever else I am, I am not a marxist. Otherwise boring article , does not get to the point and does not show good udnesratnding of philosphy and history. Last quote more interesting and gives food for thought : Its most interesting development came from Rudolf Hilferding, an Austrian social democrat, whose lasting contribution came in his book, Das Finanzkapital. Here he drew attention to a new sinister feature, the rise of bankers and financiers behind the growing cartelisation of industry. He did not foresee the far greater importance of the mass of artificial money rushing across frontiers, which is surely highly relevant when central bankers are breaking their heads about how to restart the world economy. »Time 2 analyse roubini article and criticse it if necessary...http://laregione.ch/interna_new_coe.asp?art=analisi1&frmt=ca
Oeter Tasker on Gold, Gold generates nothing and can be valued on its right only as a revulsion for other assets, very questinable, looks like marxist staement against luxury
Tomorrow Jackson Hole and Bernanke conundrum, I believe he did his job and will ask gvmnt 2 do the rest althouugh some ask for irresponsible behavior to pop up inflation 4 pushing investment with lower real inetrest rates. Japan teaches.Great depression was fixed w/ a war after all.
Money markets and circuit breakers , risk of funds withdrawing counterbalanced by further ecb guarantees on lending.
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