If you are a believer in “free-markets” and laissez-faire, perhaps an excursion beyond Milton Friedman (& company) might prove useful. Here is one suggestion: Flash Boys: A Wall Street Revolt by Michael Lewis © 2014 In trying to unravel a Wall Street mystery, several people, hired and headed by Brad Katsuyama of RBC (Royal Bank […]
High-Frequency Déjà Vu Read More »
(or The Toxic Fallout from Ayn & Uncle Miltie) Posted in observance of April [etc.] Fool’s Day Here are a few quotes from Boomerang by Michael Lewis—a déjà vu of “what you sow is what you reap [eventually**]”: “They created fake capital by trading assets amongst themselves at inflated values, … This was how the banks
A Series of Massive Delusions* Read More »
~Adam Smith’s invisible hand (in its present, contorted multinational condition): By preferring the support of [global] to that of [domestic] industry, [the multinational] intends only [its] own security; and by directing that industry in such a manner as its produce [and branding] may be of the greatest value, [it] intends only [its] own gain, and
Which Hand? — Invisible? or Learned? Read More »
(“Private” reflections for Miltonites*) What does one do when captured by a phrase? The phrase, “Our minds tell us, and history confirms …” comes from page 2 of Milton Friedman’s Capitalism and Freedom. He uses it to protest excessive government, and he is probably (mostly) right, BUT somehow, he seems entirely unconscious of the “private”
What …? If …? How …? Read More »