Could Random Trading Prevent Stock Market Bubbles & Crashes?

  Many of recent history’s most significant market events have manifest in what was (previously) the extreme of the market.  These “bubbles” and “crashes” follow power laws, meaning that (in theory) they could reach any size and fundamentally threaten the functionality of the entire financial system. Typical central-bank and policy responses to these financial avalanches (or cascades) have been to create or constrain liquidity in the market, and the terms of that liquidity; thus creating an…

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The End of Paper Money

It’s quite conceivable that the grandparents (or even parents) of the future will be  made to feel even more archaic as the young of that generation look at them quizzically and state “…are you serious? You used to use bits of paper as money?!” Money is a cultural abstract.   It is the social, cultural and legal consensus of what a given society- at a given time- considers as being money.    When economies are working well-…

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