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Tailgaters blight markets and motorways

Tailgaters think the view that their behaviour is dumb is based on a purely theoretical analysis, which is refuted by the tailgater’s practical experience. And so the culture of self-confident, self-congratulatory tailgaters perpetuates itself.

The cause of our crises has not gone away

In the name of free markets, we created a monster that threatens to destroy the very free markets we extol.

Look back in anger at the spirit of the age

Every era spawns financial follies. Every era spawns observations that, with hindsight, protagonists wish they had not made.

The real cost to business of government guarantees

The most effective control is other parties’ diligence in assessing the businesses with which they deal.

Powerful interests are trying to control the market

A stance which is pro-business must be distinguished from a stance which is pro-market. In the two decades since the fall of the Berlin Wall, that distinction has not been appreciated well enough.

‘Too big to fail’ is too dumb an idea to keep

When the next crisis hits, and it will, the frustrated public is likely to turn, not just on politicians who have been negligently lavish with public funds, or on bankers, but on the market system. What is at stake now may not just be the future of finance, but the future of capitalism.

The Future of Markets

Markets are not a well oiled physical machine: they are a constantly changing, adaptive biological system. Pluralism is their motive force, their essence chaotic, their development inherently uncertain. If we could predict the evolution of markets, we would not need markets in the first place.

Future of Investing

The assessment of the value of new products is best carried out, not by manufacturers nor regulators but by retailers in close touch with the needs of their customers.

Banks must learn to put the customer first

If financial institutions are to survive, they must behave more like supermarkets

Everyday banking with no bill to the taxpayer

Government underwriting of deposits should be matched by assets of comparable quality. Otherwise the mismatch of risk provides an unjustifiable public subsidy to the banking sector.