Too Much Money in Too Few Places

Other People’s Money: The Real Business of Ecance
John Kay

opm_kay“I’m just a banker, doing God’s work.”
Lloyd Blankfein, CEO, Goldman Sachs (11/2009)

“The culture of anonymous trading is divorced from economic context, devalues or eliminates personal relationships and fosters the self-aggrandising self.” (p. 269)
John Kay, 2015

American economists don’t make statements like the second  quote above. Doing so could be hazardous to their career health. Thankfully Dr. Kay is British and so is Continue reading

Light in the Darkness of Insanity

The Economic Consequences of the Peace
John Maynard Keynes

consequencesOnce I read a novel, by Camilo José Cela, that was published under the most wonderful imprint ever to appear on a spine: Lost Books of the 20th Century.  Judging by the number of extant editions, the present work is anything but lost even though I’m thinking of Continue reading

And Men Plunder

Plunder and Deceit: Big Government’s Exploitation of Young People and the Future
Mark R. Levin

plunderEver since I was a kid I’ve enjoyed getting a package in the mail. Paradoxically, the mystery contained in the big envelope or box remains even when I’ve place the order myself.

So when I found a Jiffy bag on my doorstep one day last fall I was intrigued. I hadn’t ordered anything. What could Continue reading

History Never Repeats

This Time is Different: Eight Centuries of Financial Folly
Carmen M. Reinhart & Kenneth S. Rogoff

this_timeLong ago I took a class in economic history. It was taught in the history department, by visiting faculty not terribly well versed in economics.

Let me qualify that last  bit. Not terribly well versed in the quantitative, equation-driven neo-classical post-Samuleson economics most often taught in the Econ Continue reading

Food for the Thinkers

Young_A-TECHNIQUEA Technique for Producing Ideas
James Webb Young

Like everyone, okay, like many people I know, there are days when I doubt the choices I’ve made. I’m talking about the big choices and among the biggest is what I’ve chosen to do to earn my bread.

On the best of days–and oh how I wish there were more of those–I’m pretty certain I could have made another choice. But I’m also pretty certain that the Continue reading

Boom Boom Boom Boom

Boom_CrashBeyond Boom and Crash
Robert Heilbroner

We live in the age of CNBC and the Fox Business Network. That might, if my grasp of history was a bit less shaky, lead me to wonder when someone was going to get around to saying,”Of course we do, America means business. ” But someone already did.

Today I’m reaching back to the mainstream of the recent past. That would be 35  to 40 years ago, just before we started down the current path, when things looked just a little Continue reading

Give the Devil His Due

All the Devils are Here: The Hidden History of the Financial Crisis
Bethany McLean and Joe Nocera

Devils_HereCatholic schools do a good job of making sure you know about Catholic heroes. Like Junipero Sera. Perhaps you’ve heard of the good friar? Founder of California’s missions?

Whether you have or haven’t is irrelevant. I bring it up only because the flat accents of NPR‘s on-air staff led me to believe that there was a financial journalist I hadn’t heard Continue reading