Over-the-last-few-years, there have not been many people `out there` that have impressed me much …
Ed Conway (ex Sky / now Times) is one that has –
Davos man is lost in a blizzard of complexity
The plutocrats and politicians who thought they ruled the world have been given a shock
Normally Davos man is preternaturally self-confident but this year there was an unfamiliar sense of befuddlement. Even during the financial crisis the politicians, financiers and businessmen here thought they had the answers. Now they walk around like zombies. As one delegate whispered to me: it’s like everyone is on LSD.
It’s no surprise they are struggling to comprehend Brexit, Trump and the rise of anti-establishment politics. After all, their underlying credo is that the world is complex, that apparently simple decisions involve myriad trade-offs and that the only way to live your life is to weigh up the data before deciding anything. Their models suggest it would be madness to vote for Brexit, or Trump, given that it will probably make the majority of voters worse off.
But for the rest of the world complexity itself has become the enemy. It is the fog that hangs over an economy that failed to deliver the payoffs people expected. Real incomes have been squeezed, jobs have become less secure, pensions are diminished, opportunities to escape the working class are scarcer than ever. And the best explanation Davos man can come up with is: it’s complicated.
BIS accused of pushing staff to back ‘house view’ on low rates
‘Central bankers’ bank’ pressed researchers to deliver certain findings, says report
An independent external review has highlighted internal concern at the Basel-based institution that “there was a ‘house view’ that was justified by only rather flimsy theory or limited evidence”.
The BIS, known as the “central bankers’ bank”, has been one of the loudest voices arguing about the risk of ultra-loose monetary policies sowing the seeds of future financial crises. Its views have had added credibility because it was one of the few institutions to warn about the danger of the debt build-up ahead of the 2007 global financial crisis.
The BIS is an amazingly powerful institution. If it didn’t want to be criticized … it would not get itself criticized (by getting an independent external review).
Why don’t I enjoy life? You asked Google – here’s the answer
The article is actually worth reading~!