Sublime

In 1999 Thomas Friedman published The Lexus and the Olive Tree: Understanding Globalization. It was Das Kapital for Smart America. In Friedman’s account, globalization is the organizing system of the post–Cold War era, but, unlike the Cold War, it is the result of technological advances and blind economic forces, not government policies. Rejecting

Securitization had produced the most toxic financial assets in the world – Fabrice Tourre was just one of an army of financial engineers manufacturing them – and had spread them far beyond the originating banks; revealingly, the near-total collapse of securitization in the course of 2008 was a key feature of the crisis.

But there’s only one way to stay wealthy: some combination of frugality and paranoia.

Some highlights have been hidden or truncated due to export limits.

Warburg’s point was that with too many banks, the system would suffer a lack of coordination and, in the weaker regions, a lack of capital.* But a quartet of closely knit banks could preserve the principle of collective security.

Joaquin Aguirre

Davidson and Rees‐Mogg predict with remarkable prescience the form that the new digital monetary escape hatch will take: cryptographically secured forms of money independent of all physical restrictions that cannot be stopped or confiscated by government authorities.