"Another big blow to their reputations."
Beautiful! And what, prey, exactly was that "reputation"?
The idea that crises might be endemic to the system, or that malpractice, corruption, fraud, rent-seeking, imperfect competition and externalities describe the usual functioning of markets rather than being the exception is not something we want to think about too deeply-and certainly not something we should teach the students. No, God forbid!
Two friends who worked in the City had alerted me to this over a year ago saying that LIBOR, in comparison, was small potatoes. Of course, it will pass and the opportunity for asking some fundamental questions will go begging largely because the desire to ask those questions is lacking.
Systemic risk, and all that. Better the devil you know.
A lot is made of "third-world" corruption-and rightly so (even if one puts to one side the fact that a lot of the dictators in those tin-pot countries are backed by 'the West'). But, seriously, if one looks at the amounts involved here (not to mention all the shady dealings of the military-industrial complex) then we might be able to put things in some proportion.
But hang on a mo. We're the good guys, ain't we, freedom, democracy, freedom, Je suis..
I think Stiglitz and Marquand are onto something here. Vast economic inequalities translate, eventually, into political inequalities, the one re-inforcing the other.
And this is an old point from the old political economy: how can there be political democracy if there isn't economic democracy (J.S.Mill; Dahrendorf).
No, no, let's stick to the simpler models...I have some wheat, you have some corn; I like corn...
~~
Meanwhile..while the Rohingya are dying the towel-heads, the sand niggahs have come up with this. Priceless. If you've ever seen the Beverly Hillbillies you'll have an idea what these fuckers are all about.
Beautiful! And what, prey, exactly was that "reputation"?
The idea that crises might be endemic to the system, or that malpractice, corruption, fraud, rent-seeking, imperfect competition and externalities describe the usual functioning of markets rather than being the exception is not something we want to think about too deeply-and certainly not something we should teach the students. No, God forbid!
Two friends who worked in the City had alerted me to this over a year ago saying that LIBOR, in comparison, was small potatoes. Of course, it will pass and the opportunity for asking some fundamental questions will go begging largely because the desire to ask those questions is lacking.
Systemic risk, and all that. Better the devil you know.
A lot is made of "third-world" corruption-and rightly so (even if one puts to one side the fact that a lot of the dictators in those tin-pot countries are backed by 'the West'). But, seriously, if one looks at the amounts involved here (not to mention all the shady dealings of the military-industrial complex) then we might be able to put things in some proportion.
But hang on a mo. We're the good guys, ain't we, freedom, democracy, freedom, Je suis..
I think Stiglitz and Marquand are onto something here. Vast economic inequalities translate, eventually, into political inequalities, the one re-inforcing the other.
And this is an old point from the old political economy: how can there be political democracy if there isn't economic democracy (J.S.Mill; Dahrendorf).
No, no, let's stick to the simpler models...I have some wheat, you have some corn; I like corn...
~~
Meanwhile..while the Rohingya are dying the towel-heads, the sand niggahs have come up with this. Priceless. If you've ever seen the Beverly Hillbillies you'll have an idea what these fuckers are all about.















