Another outstanding radio programme from the same reporters who brought you The Giant Pool of Money (blogged here, and you can still get the streamed programme and a free transcript here if you didn't download the mp3 when it was free.)
In effect, this is Episode 2. It's just as perfectly put together as the first one, and just as informative, but slightly less funny.
Another Frightening Show About The Economy.
Via Calculated Risk.
Among other things, they explain what commercial paper is, how you swap credit defaults, and why it matters. They're serious about understanding it, entertainig about presenting it, and generally excellent.
Wednesday, 8 October 2008
More from the Giant Pool of Money guys
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2 comments:
Finance is overflowing with instruments and mechanisms, jargon and technicalia. It all aims to obfuscate the reality of what is going on - gambling. And it serves to present a facade of specialist knowledge or insight - in fact it masks ignorance, bluff and snake oil.
There are very few laws of nature at apply to economics and high finance. My favourite is the "no free lunch" theorem.
No matter how you dress it, convert it, securitise it, repackage it, insure it, ... someone somewhere has to pay for someone's lunch.
After current events, I'm hoping that this culture of reverence for city financiers will be rethought, and any myths of "masters of the universe" creating real value are stripped bare to reveal the emperor's butt naked bum.
George Orwell is away.
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