“Our world cannot be understood by looking at people behaving within the system because of emergent phenomena. Our markets display decisions that are not in the ergodic world of a gambler at the roulette table because our environment shifts with every interaction and experience---and particularly during crises, which is where it is most critical we find a way to predict or at least understand. When we come to comprehend these limits, we approach a world filled with the giant unknown unknows: radical uncertainty.”
--Richard Bookstaber, The End of Theory
Commentary & Analysis
Angela! Seriously? You want to go your own way?
Not satisfied with her maniacal immigration policy, which threatens the very existence of hard fought western cultural norms across Europe, German Chancellor Angela is now complaining about the US not being a viable partner for Germany or Europe. It’s doubtful she vetted these comments with her German industrialist buddies. Why do I say that? It’s because Germany has piggybacked on the US capital and trade regime (and NATO defense shield) to unprecedented proportion for the last fifty years....Read More