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...I try to give short presentations to maximize attention but no one seemed to be paying the blind bit of notice. When I came to a close, 30 minutes later, heads lifted to their previous position, punch drunk. In just 30 minutes, traders wiped almost $1 trillion off the value of US stocks, before putting it back. That is how I experienced the first Flash Crash. Politicians, prosecutors and journalists believe in the Bad Apple Theory of financial crises. After the Flash Crash, they set off in hot pursuit of evil-doers. Five years later, their chase ended at the door of a modest semi-detached house in a forlorn part of west London where a mostly unheard of 36-year-old man, Navinder Singh Sarao, traded stock futures off the Internet. It’s always a foreigner. ...Live Mint on Jan. 25, 2017, 1:05 a.m.
...Brexit is a symptom too, and Theresa May will not help either. We are not missing the malaise because of an absence of markers. They are all around us in the advanced economies. In the land of liberte, egalite and fraternite, Marine Le Pen’s National Front is likely to win the first round of the French presidential election in 2017. Earlier this year, the far-right Freedom Party candidate Norbert Hofer narrowly failed in the second round of Austria’s presidential election. Trump’s rudeness may tempt Asians to recall that when M.K. Gandhi stepped off the boat in Southampton in 1931 to attend the second round table conference on India’s future, it is reported that he was asked what he thought of Western civilization and he replied that it would be a very good idea. But this is no time for any schadenfreude east of the Caucasus, however, because Asia played a critical role in the cause of this rising tide of Western nativism. ...Live Mint on Nov. 8, 2016, 12:04 a.m.
...However, these new regulatory structures are built on fundamentally flaky foundations. A couple weeks ago in Mumbai, I gave the feature address to an assembly of Asia’s deputy central bank governors responsible for financial regulation. I explained what is wrong with financial regulation, why it matters and how we can reinvent it. Too many financial supervisors consider regulation to be an exercise in “de-risking”. Risk is curbed, they believe, by requiring a financial firm to put up biting amounts of capital against risks. However, risk shares much with the first law of thermodynamics—energy can neither be created nor destroyed, only transformed. ...Live Mint on Oct. 5, 2016, 11:40 p.m.
...Connally was seriously wounded but lived.He was a Democrat and later backed Hubert Humphrey over Richard Nixon in the 1968 presidential election, yet the victorious Nixon, not previously known for his magnanimity, appointed him treasury secretary in February 1971.This proved to be a poisoned chalice.On 15 August, in the face of rising inflation and Vietnam War-related deficits he was forced to remove the dollar from the gold standard, thereby bringing down the entire postwar international economic system around him.His was the most eventful term of any postwar treasury secretary.It was also one of the shortest.He resigned in June 1972.But not before he told a group of European finance ministers, in his down-to-earth Texan way, one of the most famous things ever said by a US treasury secretary.The dollar “is our currency, but your problem”. ...Live Mint on Sept. 21, 2016, 11:11 p.m.