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What a strange world. You're in a beat-up white van with your son, still a child but barely, driving by the place where your father was laid up so many years ago. And now you live near there, getting up at 4 a.m. to push a broom. Dinner for your family is sometimes eggs, or two frozen pizzas for ni…

[...] Paradise is burning at the heart of the largest wildfires in California's long and storied history of fires. The thick smoke, which blankets the entire region for hundreds of miles, contains the particulate remains of Paradise. It occurs to me that in unison, millions of us are inhaling the s…

California is also, however, the site of real people's homes. Real people's lives. Real lives begun as dreams and perhaps dribbled into boredom. Or unraveled into nightmares. Or fabulously, miraculously achieved. This schism - between what California represents in popular imagination and what it is…

[...] For poor countries to access global institutional investors, they would need to reengineer their financial systems around securities markets on the terms of those investors, a Trojan horse for shadow banking and financial globalization.

On its 2017 launch, the World Bank euphemistically te…

[...] Where Keynes in the 1930s concentrated on dysfunctions of unemployment, Minsky in the 1970s focused on dysfunctions of inflation and asset price bubbles.

The underlying point is the same. There is no reason that the rational pursuit of individual self-interest on financial markets will gen…