Heterodox
To all who argued the financial world would’ve collapsed without the bailouts: The political world is collapsing now because of the bailouts — Emanuel Derman (@EmanuelDerman) June 25, 2016 The bigger picture of the early 21st century follows: Western nations experienced a massive blowout bubble of leverage, irrational exuberance, and Hayekian pseudo-money creation. Yet this money was not going to overwhelmingly productive causes. The real output of the Western world did not follow...
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