"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen


"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister


"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont


"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister


"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Wednesday, November 16, 2011



Krugman:
Decline and Fall:
Ed Harrison has a good essay on how the world euro ends if the ECB doesn’t step in on a massive scale. I don’t agree with everything — I think he’s wrong to attribute the commodity spike of 2010-2011 to monetary policy — but he’s basically right about how the thing unravels. I might place greater emphasis on the immediate channel through which falling sovereign bond prices force bank deleveraging, but we’re picking nits here.
And this is totally right:
If the ECB writes the check, the economic and market outcomes are vastly different than if they do not. Your personal outlook as an investor, business person or worker will change dramatically for decades to come based upon this one policy choice and how well-prepared for it you are.
Crunch time. If prejudice and false notions of prudence prevail, the world is about to take a major change for the worse.

Larry and Paul and Dave and Ian
Oh, one thing about Felix’s commentary: he describes me as always pessimistic. But my pessimism has been selective; I’ve been pessimistic about unemployment and growth, but optimistic about interest rates and inflation. So it’s not just about crying doom, doom. I think that counts for something — especially since I’ve been right …

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