Links 11 July 2018

Global Macro / Markets / Investing:






  1. Axiomatic decision theory was pioneered in the early 20th century by Ramsey (1926) and de Finetti (1931,1937), and achieved remarkable success in shaping economic theory … A remarkable amount of economic research is now centered around axiomatic models of decision …

    What have these axiomatizations done for us lately? What have we gained from them? Are they leading to advances in economic analysis, or are they perhaps attracting some of the best minds in the field to deal with difficult problems that are of little import? Why is it the case that in other sciences, such as psychology, biology, and chemistry, such axiomatic work is so rarely found? Are we devoting too much time for axiomatic derivations at the expense of developing theories that fit the data?

    This paper addresses these questions … Section 4 provides our response, namely that axiomatic derivations are powerful rhetorical devices …

    I. Gilboa​, A. Postlewaite​, L. Samuelson, ​& D. Schmeidler

    My version… concoct belief… cram everything through it… what does not fit is either unclean or does not exist….

    • Strangely whilst many bang on about side effects, no one wants to get right down to the basics. You know what set the environmental conditions during the neoliberal period or similar time lines….

    • For them, the future of technology is really about just one thing: escape.
      WW me too
      Good find
      Will rewrite that some time today, Thanks

    • How about this:
      Survival of the Richest: “the future of technology.”
      The wealthy are plotting to leave the masses behind. Humans are simpler and more predictable than the artificial intelligences we have created. Robots learn that each of us can be reduced to just a few lines of code. Humans are incapable of making any willful choices. “humans are nothing but information-processing objects.”humans are the problem > technology is the solution.
      The human future climaxes by uploading our consciousness, accepting that technology is our evolutionary successor.
      Taking their cue from Elon Musk colonizing Mars, Peter Thiel reversing the aging process, or Sam Altman and Ray Kurzweil uploading their minds into supercomputers, some are preparing for a digital future that had a whole lot less to do with making the world a better place than it did with transcending the human condition
      For them, the future of technology is really about just one thing: escape.
      They were not interested in how to avoid a calamity; they’re convinced we are too far gone.
      For all their wealth and power, they don’t believe they can affect the future.
      They are simply accepting the darkest of all scenarios and then bringing whatever money and technology they can employ to insulate themselves.
      North to Alaska, we’re going north the rush is ON
      or maybe Iceland

    • Rich c*nts ask: how can I sustain my own little totalitarian state after the event. Technology is not the answer. They should study the ways of cult leaders.

  2. North to Alaska, -were going North -the rush is on!
    Martin North :”I’m almost certain Big 4 they’ll be forced to lift those rates, it’s a question of timing, and of course the political reaction when it happens,” It follows similar moves by AMP, Bank of Queensland, Suncorp, and ME Bank.
    The cost of sourcing funds is rising overseas, especially in America because the Trump administration has asked many major US companies to pull out from offshore investments, including in Australia, as part of its tax policy.
    As companies like Google and Microsoft withdraw funds from Australia’s money market, the price — or interest rate — of the remaining funds goes up.
    North: said he expected the big four will increase rates on standard variable mortgage rates by at least 10 to 15 basis points, or 0.15 percentage points, to cover the increase in their cost of funding.
    He warned a 0.15 percentage points increase in interest rates would push roughly a million Australians into mortgage default.
    “Today 975,000 households across Australia with owner-occupier mortgages are right on the edge now,” Mr North said.
    “And there are around 50,000 who are already over the edge and are looking like they could default.
    The mathematics are not complicated.
    WW and as we learned yesterday from the Sultans of Swing exercise, that 1 mill should be in the order of 2 to 3 mill.
    North to Alaska, were going NORTH the rush is ON !

  3. Cyclone Ranger


    I’m sitting on a train next to a nice young man who’s reading a copy of Scott Pape’s The Barefoot Investor.

    I need advice. What should I do? Is there a number he can call for help? Should I get the rest of the passengers in on an intervention for him? Maybe I should just show him this comment…

    Advice quickly as possible please, it’s not that long a trip. Thanks!

  4. NEW ZEALAND: Government signs off $158m infrastructure loans for Tauranga – NZ Herald

    … extracts …

    … He said more infrastructure project announcements were expected in the coming months once business cases were evaluated and approved, and that included the greenfield development at Te Tumu in Papamoa East.

    Twyford also said today that the infrastructure would provide water and wastewater capacity for an additional 35,000 houses, which could be either infill or greenfield developments. …

    … However, he also said in April that the fund was not a lasting solution to the problem of a broken system for financing infrastructure and one of the Government’s big priorities was to create a new system. … read more via hyperlink above …

    … The focus must be on abolishing urban limits and appropriately debt financing infrastructure …refer Ardern / Twyford section

    Govt criticised (by Pavletich) for moving slowly on Auckland growth boundary | Michael Daly | Fairfax /

    Governments pathetic performance since Christmas – Hugh Pavletich

    • Good… then the broader public will get to see exactly whom their dealing with e.g. far right wing conservative breathers giving preferences to national socialist fascists based on the defunct perspective of race.