February 10, 2010
Many people doubt that the dollar has more than a decade or so of steam left as the interest on debts mythically exceeds the total amount of money on Earth (at least in my world). Yet banks march on, heading straight for the cliff.
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February 9, 2010
Where the vetting mechanism fails, the system fails. This has happened in countless instances from the current financial crisis to nearly every product, market, environmental calamity, or political failure in recorded history – the referees who were supposed to keep their eye on the ball, did not. Likewise, where a vetting mechanism is effective, the system is efficient.
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