QUOTES OF THE DAY

“It is not possible to found a lasting power upon injustice, perjury, and treachery. These may, perhaps, succeed at first, and limp along on hope for awhile with a flourishing appearance. But time betrays their weakness, and they eventually fall into ruin of their own designs.”

Demosthenes

“Monetary and regulatory policy encourage asset bubbles to proliferate. Hot money seeks out the conscious mispricing of risk. Capital, in the form of both money and personal talent, increasingly flows into malinvestment and the gaming of markets. The productive economy languishes, left wanting for the lack of creative resources and attention. The bubble rises to unsustainable valuations— and fails, and a nation’s capital is consumed.”

Jesse 5 August 2019, The Men Who Sold the World

“This is going to end badly. Big changes are coming. What has been hidden will be revealed. Rough seas ahead, mateys.”

Jesse, 22 January 2020, I See It Coming

“It is precisely this — high-powered computers and the swagger of those who operate them — that is causing worries over high-frequency trading’s increasing sway. ‘The markets used to be about capital formation,’ said Mr. Quast, the consultant. ‘Now 80 percent of trading is driven by some form of statistical arbitrage. We are buying into a statistical house of cards that could unravel very quickly.’”

Landon Thomas, Inquiry Stokes Concern over Trading Firms that Shape Markets, 3 September 2009

“They were careless people, Tom and Daisy — they smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made.”

F. Scott Fitzgerald, The Great Gatsby

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