tag:blogger.com,1999:blog-8391293127288856260.post4508761321414966657..comments2023-09-27T12:44:03.592+01:00Comments on MsHedgehog: More from the Giant Pool of Money guysmsHedgehoghttp://www.blogger.com/profile/05719152265628932122noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8391293127288856260.post-72198232127669653992008-10-09T14:29:00.000+01:002008-10-09T14:29:00.000+01:00George Orwell is away.George Orwell is away.msHedgehoghttps://www.blogger.com/profile/05719152265628932122noreply@blogger.comtag:blogger.com,1999:blog-8391293127288856260.post-61246384505043459082008-10-09T00:19:00.000+01:002008-10-09T00:19:00.000+01:00Finance is overflowing with instruments and mechan...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.<BR/><BR/>There are very few laws of nature at apply to economics and high finance. My favourite is the "no free lunch" theorem. <BR/><BR/>No matter how you dress it, convert it, securitise it, repackage it, insure it, ... someone somewhere has to pay for someone's lunch.<BR/><BR/>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.Anonymousnoreply@blogger.com