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“As resources committed to benefits decline, resources committed to control must increase.” Joseph Tainter We’re trying to get to the bottom of it. Why do so many policy decisions turn out to be mistakes? Why are the mistakes not random, but always erring in one direction? And what can we expect next? To frame the […]

Тhey [Romans] were forced to debase the currency. Debasing the currency for them was the same as borrowing is for us. It basically shifts the cost of solving your problems on to the future. Now, you can do that if the future doesn’t have any problems of its own. And we know that never happens, […]

Today, we leave the frauds and foolishness of politics and economics… in order to give you an update on what has been happening here, in our little corner of France. When we first came to France, we had six children… a tutor… and one elderly mother and an aunt. This big, old house looked perfect. […]

Not to worry! The standard, accepted, certified correct view of the stock market is that it always goes up ‘over the long term’. Based on figures from the S&P 500, investors have come to expect a total return of 10% per year. And the ‘price’ of getting these long-term gains, according to the sales pitch, […]

There are two main emotions in the stock market — greed and fear. A wise pro avoids them both. He looks at the situation like a doctor with a patient. No joy at the bedside when the recovery begins. No tears at the cemetery gate when it doesn’t. He just tries to figure out what […]

The first bomb went off last week. Then, yesterday, came the big ka-boom. Al Jazeera: ‘Japanese stocks have recorded their biggest losses since October 1987, spurred by concerns the United States’ economy may be in weaker health than previously thought. The Nikkei share average was down 10% or 3,595 points to 32,314 in the early […]