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JPMorgan and Deutsche Bank account for about 20 per cent of total global derivatives exposure. The risks associated with these exposures are largely netted out. But how well? Your guess is as good as mine, and probably not much worse than those in charge of these institutions.
The belief that an aggregate of casual opinions provides a better process of value discovery than a flow of informed judgment through close engagement by investors, is an article of faith rather than a matter of empirical evidence.
Anthropology helps us understand the world, in ways that are helpful whether we are talking about the internal contradictions of communism or the pathologies of financial crises.
The monetary rewards attached to different occupations and social positions change from one period of history to another. The houses remain, the backgrounds of their occupants change.
Money is a confidence game; its value depends entirely on the willingness of other people to accept it.