Tuesday, June 9, 2015


Bruce Greenwald: An Alternative Explanation of the Great Recession (video) [H/T ValueWalk] (LINK) ["What I'm going to start talking about, because this is a Minsky conference, is something that Hyman Minsky identified that's been largely overlooked now. Which is that the notion that balance sheet crises are something novel I hope has Hyman Minsky rolling over in his grave. Because not only did he identify in qualitative terms a sequence of balance sheet crises -- which by the way fill an important gap in Keynesian theory. The problem with basic Keynesian models is that they're not cyclical models."]
Related books from Hyman Minsky: Stabilizing an Unstable EconomyCan It Happen Again?: Essays on Instability and FinanceJohn Maynard Keynes (Minsky's re-interpretation of the Keynesian Revolution)
No Ordinary Disruption: the four global forces breaking all the trends (LINK)
In a new book, No Ordinary Disruption, the three leaders of the McKinsey Global Institute, McKinsey's business and economics research arm, argue that the world is now roughly in the middle of a dramatic transition as a result of four fundamental disruptive trends: growth and urbanisation in emerging markets, technological disruption, increasing connectivity, and the ageing of populations. None of these disruptions, on its own, is a surprise. The unique challenge is that they are happening at the same time - and on a huge scale, creating second-, third-, and even fourth-order effects that are scarcely possible to anticipate. As they collide, they will produce change so significant that much of the management intuition that has served us in the past will become irrelevant, causing us to reset our collective intuition.
Paul Volcker warns on health of US state finances [H/T Matt] (LINK)
Related report: Truth and Integrity in State Budgeting
Brain Pickings: The Dalai Lama’s Daily Routine and Information Diet (LINK)
Related book; The Open Road: The Global Journey of the Fourteenth Dalai Lama 
Camera traps provide treasure trove of African animal pics (LINK)