Showing posts with label predators. Show all posts
Showing posts with label predators. Show all posts

Tuesday, January 28, 2020

“Debt, the private money that has fueled capitalism since its inception, is coded in law and ultimately relies on the state to back it up,” by way of the courts under normal circumstances and through bailouts if a debtor is too big to fail:  The history of debt finance can therefore be retold as a story about how claims to future pay have been coded in law to ensure their convertibility into state money on demand, without suffering serious loss…. By dressing private debt in the modules of the legal code of capital, it is possible to mask the liquidity risk for a while, but not forever. Whenever investors realize that, contrary to their expectations, they may not be able to convert their debt assets into cash, they head for the exit; and if many do so simultaneously, this will precipitate a financial crisis.

Adam Tooze (quoting Katharina Pistor), "How ‘Big Law’ Makes Big Money," NYRB Feb. 13, 2020

Sunday, May 12, 2019

There is no beast in the world so much to be feared by man as man.

Attributed by Montaigne to Emperor Julian (the Apostate)

Tuesday, February 27, 2018

Such as only meddle with things subject to the conduct of human capacity, are excusable in doing the best they can: but those other fellows that come to delude us with assurances of an extraordinary faculty, beyond our understanding, ought they not to be punished, when they do not make good the effect of their promise, and for the temerity of their imposture?

Michel de Montaigne 

Sunday, May 09, 2010

The truly successful businessman...is anything but a risk-taker. He is a predator, and predators seek to incur the least possible risk while hunting....Entrepreneurial spirit could not have less in common with that of the daring risk-taker of popular imagination.

Malcom Gladwell, The Sure Thing: How entrepreneurs really succeed, The New Yorker (January 18, 2010)