Fooled by GlobalizationSubmitted by TheTruthWillSet... on Mon, 01/26/2009 - 19:11
Fooled by globalization
A sobering discussion on the nature of the current economic crisis and why this one may be very different from ones in the past.
The problem: globalization adds exponentially to the complexity of potential outcomes, but the banking system is not designed to absorb the kind of rapid and massive changes globalization makes possible.
These aren't two hippies railing against the system. This is one of most insightful mathematicians and one of the most accomplished options traders of our time.