Daniel Kahneman, a psychologist whose work casting doubt on the rationality of decision-making helped spawn the field of behavioral economics and won him a Nobel Prize, has died. He was 90. https://t.co/puNCJbsWpQ
Turkish election will probably go to a runoff.
Bettors now favor Erdogan, and I can see why, from the vote count.
Will be interesting to see if the Turkish Lira falls tomorrow (I suspect it will.)
https://t.co/CmezzP9hoo
Your annual reminder that Lee Kuan Yew understood your average global south country better than its average democracy loving middle class resident.
And he was completely accurate, Suu Kyi turned out to be a complete disaster for Burma, and ended up a low key ethnic cleanser.
The Fed doesn't just forecast rates.
IT SETS THEM.
Trillions is allocated on their forecasts.
They're upstream of the entire economy.
And what they did was:
- forecast 0.1% in 2023
- sell long-term bonds on that basis
- actually set rates to 4.75% (47X higher!)
- devaluing the bonds they just sold
- destroying the buyers, and perhaps the economy
I mean...are we to believe that every mom and pop depositor who comes in to find "money gone" is somehow responsible for picking their bank...but the central bank is not responsible for bankrupting their bank?
Psycho-analysis points to psychology for the solution of a good half of the problems of psychiatry. It would nevertheless be a serious mistake to suppose that analysis favours or aims at a *purely* psychological view of mental disorders. {cont}