After several days of spring-like weather, the south side of my back yard (shaded all winter by my neighbor’s fence) is finally free of snow cover for the first time since before Thanksgiving.
I blame global warming.
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Archive for March 15th, 2012
Snow-free at last
Posted by Richard on March 15, 2012
Posted in Uncategorized | Tagged: denver, global warming, snow | Leave a Comment »
Towards a more resilient financial system
Posted by Richard on March 15, 2012
Pascal-Emmanuel Gobry has a proposal for preventing another financial crisis like that in 2008, and it’s a significant departure from the other reforms that have been advocated (emphasis in original):
My blueprint has two basic planks:
- A return to the partnership model
- Almost complete deregulation of the financial system
I know, I know, but hear me out.What should be the goal of financial reform? Its goal should be not to prevent bubbles and busts, which are the normal result of an economy full of “animal spirits” (quiet, the Austrians in the back!), but to prevent the busts from a) necessitating taxpayer bailouts and b) having ripple effects that threaten the very existence of the financial system and wreck the economy, and by the way c) still ensure that credit flows throughout the economy (i.e., don’t destroy the village in order to save it).
Read the whole thing. It’s not a pure libertarian proposal by any means, and I’m not knowledgeable enough about banking and finance to evaluate it intelligently. But it strikes me as an interesting and at least superficially plausible proposal.
My friend David knows much more about such things than I do, and I’m interested in his opinion. Maybe he’ll let us know what he thinks.
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Posted in Uncategorized | Tagged: economics, finance, regulation | Leave a Comment »