Tag: prohibition of wagers on price fluctuations

  • The fall of the Roman Empire, live on the Internet!

    Frankly Francophone has just translated one of my recent French posts into English. Thanks Franky! The original post is here.

    They wanted to extend market logic to absolutely everything. In attempting to do so they disregarded the domain of ethics which had governed human affairs up to that point. The trader – the quintessential victim of gold fever according to Aristotle – has ceased to be considered to be a victim if he succumbs to the disease, having been elevated to the status of prototype of the rational human being! The employee in turn has ceased to be regarded … Read the rest

  • IGNORING LESSONS LEARNT

    My most recent column in the French daily paper Le Monde : Le risque systémique court toujours. As usual the translation is due to Bénédicte.

    Lehman Brothers’ bankruptcy, on September 15, 2008, and its aftermath – more than one trillion dollars being injected into the financial system – have caught people’s attention about financial firms “too big to fail”, i.e. that their bankruptcy is bound to automatically cause the downfall of the entire financial system.

    On June 15, the Bank for International Settlements in Basel, that is to say “the central bank of central banks”, announced the measures it … Read the rest

  • My lecture at the Zermatt Summit, on the 16th of June 2011

    Now online.

    I defend my proposal of a prohibition of wagers on the evolution of prices (which was standard in the 19th century) within the framework of a Constitution for the Economy.

    Read the rest