Found via Santangel’s Review.
If you hung on the words of Ben Bernanke at the August 31, 2012 Jackson Hole Symposium, you may have listened to the wrong speaker – or perhaps chosen the wrong time – if you were looking for clues about whether the markets for risk assets are trading at more or less than what they are intrinsically worth.
Fast-forward to August 31, 2012. On that day when Ben Bernanke delivered his Jackson Hole assurances to a world of investors hanging on his every word, another speaker from a different central bank delivered a message that nearly slipped through the cracks. Were it not for the keen eye of one reporter, Jason Zweig of the Wall Street Journal, about whose thoughtful work on behavioral economics I’ve written frequently, the speech may never have seen the light of day. Even though he did not arrive at the podium accompanied by drum rolls, Andy Haldane, Executive Director for financial stability at the Bank of England, is not a man who should be taken lightly. Unfortunately, even the intriguing title, “The Dog and the Frisbee,” was not bait enough to hold the attention of an audience for which a presentation on the application of complexity theory to regulatory oversight was simply … too complex.