Wednesday, September 27, 2023

Reflections on the 15th Anniversary of the Lehman Brothers Failure

Napoleon quipped, history is a set of lies agreed upon

 

Meet the Czech billionaire betting big on Aussie coal Pavel Tykac’s purchase of a 51 per cent stake in ASX miner Coronado Global Resources shows there’s still huge money to be made in coal’s final decades.


TPB, ATO quizzed on whether PwC ‘too big to fail’


I rented a Tesla for a month. It was a steep learning curve ABC Australia

 

Want to solve Australia’s housing crisis? Look to Vienna


 “Civilizations fall because their leadership abandons the problem-solving function that is central to any effective elite.” 


FTX sues founder Bankman-Fried’s parentsReuters 

 

Stanford University Will Return ‘Entirety’ of Gifts Received From FTX Bloomberg. Lordie, this is shameless. Stanford didn’t decide to give back the monies until the bankrupt estate decided to sue?

 

Reflections on the 15th Anniversary of the Lehman Brothers Failure William White, INET. Recall when William White was at the BIS, he and Claudio Borio warned of the housing bubbles in many economies, and they were waved off by Greenspan. 



Canada’s assassination charge against India puts Biden in a pickle Responsible Statecraft. I am bothered by Trudeau making the announcement, with what he admits is only preliminary information, right before the General Assembly meeting. 


Torture, rape, killings in Manipur: An Indian state’s brutal conflict BBC. Lead story. 



How to lie with statistics: “In politics it doesn’t really matter what the numbers are, so much as whose they are”... more »


‘I couldn’t believe the data’: how thinking in a foreign language improves decision-making Guardian 


WHAT COULD POSSIBLY GO WRONG? Just What Chicago Needs, Government-Owned Grocery Stores.

Now, no doubt Chicago’s city-run grocery stores would have the same service, efficiency, and quality that Chicago residents have come to expect from the local government of a city ranked 149th in its financial stability, 67th in its education system, 71st in its health-care system, 80th in its public safety, 129th in the quality of its economy, or, credit where it’s due, 37th in its infrastructure and pollution. (That’s out of 149 U.S. cities.)

Call me crazy, but I think if you had safe streets and no shoplifting and petty theft, grocery stores could thrive in any neighborhood, because people have to eat. The good news is that so far this year, murder is down in Chicago, with “only”435 people killed from the beginning of the year to September 10, compared to 485 people in the same time period last year. The bad news is that overall, major crimes are up 30 percent from the same period last year. Motor-vehicle theft has nearly doubled from last year.

What could possibly go wrong? Boris Yeltsin knew: When Boris Yeltsin went grocery shopping in Houston:

About a year after the Russian leader left office, a Yeltsin biographer later wrote that on the plane ride to Yeltsin’s next destination, Miami, he was despondent. He couldn’t stop thinking about the plentiful food at the grocery store and what his countrymen had to subsist on in Russia.

In Yeltsin’s own autobiography, he wrote about the experience at Randall’s, which shattered his view of communism, according to pundits. Two years later, he left the Communist Party and began making reforms to turn the economic tide in Russia. You can blame those frozen Jell-O Pudding pops.

“When I saw those shelves crammed with hundreds, thousands of cans, cartons and goods of every possible sort, for the first time I felt quite frankly sick with despair for the Soviet people,” Yeltsin wrote. “That such a potentially super-rich country as ours has been brought to a state of such poverty! It is terrible to think of it.”

It is terrible to think about – but not terrible enough for Chicago Mayor Brandon Johnson.