This is a very informative piece on how the shadow banking system works (i.e. the “repo” markets – as in sale and repurchase).
Shadow Banking Must Read
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~ Off the Cuff
Borat, Art, and the Eye of the Beholder
Borat: “I do a picture, only small, of the Tishnik Masacre. Where many Uzbeks…crushed!”
Kindly Gray Hippie: “How did you feel when you drew this?”
Borat: “Very proud!”.
KGH: “I’m just listening with sadness…a little sadness for your people…?”
Borat: “Yes…no, it is not sad. It is us who do the kill!”
When in doubt, consult the classics [5:30 mark].
( 2 comments)Over on the Mindless Diversions site...
Our intrepid commenter A Teacher tells the story of how he published his NaNoWriMo book (and, of course, tells us how we can get a copy of it for ourselves). ( 1 comments)Nobel Peace Prize Jury Faces Formal Inquiry
Read the story here. Here’s the paragraph that would make clicking through worthwhile, if you’re still undecided: If the Stockholm County Administrative Board, which supervises foundations in Sweden’s capital, finds that prize founder Alfred Nobel’s will is not being honored, it has the authority to suspend award decisions going back three years — though that would be unlikely and unprecedented, said Mikael Wiman, a legal expert working for the county. ( 9 comments)
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So the poobahs of the financial world have found away to reintroduce bank runs. I can’t wait for the libertarian scolds [1] to explain why this is a good thing.
1. The ones who disapprove of deposit insurance, meat inspection, fire codes, and everything else that makes our lives a bit more secure, and say “moral hazard” in the same tone that a Baptist preacher reserves for Satan.
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