Public Notes


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  • nri shared from Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis Series) by Gary B. Gorton
    The difficulty is that entry into banking by non-banks may have occurred more on the asset side of bank balance sheets than on the liability side. In most countries, banks still have a monopoly on demand deposits and the payments system, even if they have lost market share in lending. This means that banks have access to an enormous pool of resources, but not necessarily any place to invest unless they engage in riskier activities.
    Note: cc @davidschawel
  • nri shared from Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis Series) by Gary B. Gorton
    Without limited entry into banking, restrictions, such as capital requirements, will not be acceptable to market participants who must supply the capital to banks. After all, non-banks can engage in most of the same activities as banks and avoid the costs associated with regulatory restrictions.
    Note: #ABS #CLO #greatincrediblepaperchase
  • nri shared from A Savage War of Peace: Algeria 1954-1962 (New York Review Books Classics) by Alistair Horne
    It is necessary to turn political crisis into armed conflict by performing violent actions that will force those in power to transform the political situation of the country into a military situation. That will alienate the masses, who, from then on, will revolt against the army and the police and blame them for this state of things. Marighela’s essential philosophy was that a resort to blind terrorism would inevitably provoke the forces of law and order into an equally blind repression, which in turn would lead to a backlash by the hitherto uncommitted, polarise the situation into two extreme...
    Note: 1950s redux #MENA
  • nri shared from Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise by Carl E. Walter, Fraser J. T. Howie
    “It doesn’t matter who owns the money, it only matters who gets to use it.”
    Note: SOEs, the ultimate OPM

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