23 September 2011

Friday Round Up and Music Video

It has been a busy week here in Boulder, so blogging has been light.  Above is a music video to help your weekend off to a fine start and below are a few items that crossed my desk that I thought interesting, enjoy!


  1. And the Bush War on Science continues to move forward:


    After all, it's Bush's fault.

  2. Love the IMF document. Is it surprisingly honest for an organisation of that type? Or is that the natural defence mechanism. Some cracking quotes anyway:

    'Perhaps more worrisome was the overreliance by many economists on models as the only valid tool to analyze economic circumstances that are too complex for modeling.'

    'IMF reports rarely referred to work by external
    analysts pointing at the mounting risks in financial markets.' - the problem there (I was a hedge fund manager for 25 years) is that you do cease to pay attention to the cry of wolf. I could probably dig up reports from the mid/late eighties talking about dangerous household leverage and so on. It wasn't until an absolutely visible enemy came in view (sub-prime, and then eurozone) that it became apparent.

    There were however extremely reputable wolf-criers, Warren Buffett with his 'weapons of mass financial destruction' that he observed lurking in the balance sheets of insurance companies and hence banks. It's perhaps surprising that these people weren't heard, especially since they were speaking about the financial system itself.

  3. I'm also amused by the alternative (and somehow more natural) reading of 'completedevaluations' in the url link of the IMF - 'http://www.ieo-imf.org/ieo/files/completedevaluations/01102011Crisis'