The Dividing Line Between Wish And Need

Up Until The Depression, Recession Had A Moral Character: It Was Supposed To Purge The Body Economic Of The Greed And Excess That Attends A Business Expansion.

Saudi Arabia Is A Puritanical State That Claims A Monopoly Of Wisdom And Virtue.

There Are About 15 Million Muslims In The Eu. They Face Ignorance, Insult And Even Persecution. They Cannot Be Wished Away. To Impose Enlightenment Freedoms Is Self-defeating. Anyway, The Muslims Have Their Own Enlightenment.

One Of The Consequences Of The Iranian Revolution Has Been An Explosion Of History. A Country Once Known Only From British Consular Reports And Intrepid Travelogues Is Now Awash With Historical Documents, Letters, Diaries, Grainy Video, Weblogs And Secret Police Files Of Questionable Authenticity.

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.