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Cause and effect, the riddle of all history, is a particular devil in financial history; and never more so than today, where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing. ↗
#cause #classes #collapsing #devil #effect
Of all the failed technologies that litter the onward march of science - steam carriages, zeppelins, armoured trains - none has been so catastrophic to prosperity as the last century's attempt to generate electricity from nuclear fission. ↗
This source of corruption, alas, is inherent in the democratic system itself, and it can only be controlled, if at all, by finding ways to encourage legislators to subordinate ambition to principle. ↗
#ambition #controlled #corruption #democratic #democratic system
It would seem, therefore, that this constitutional safeguard may no longer serve its original purpose, especially when, as we learned last year, some acts of perjury may now be acceptable - in this world, at least, if not the next. ↗
