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by Herd
December 13th, 2013, 7:32 am
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>Pat said "Suppose there was a country, let's call it France, whose citizens decide that they'd really rather work 9 months a year, and they'd be happy to take a 25% cut in their income to do so. Not sure this is possible under free trade. "I think we are pointing to the same thing, i.e. quality o...
by Herd
December 12th, 2013, 3:01 pm
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>Pat said "don't really want to outsource national defense.".Agreed... and maybe other sectors too!*********************************************************************************If some other country has much cheaper labour, should we import everything and be all jobless and dependent?After all ...
by Herd
December 12th, 2013, 2:39 pm
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>side comment on issue already mentioned (that at the end of the day it is all about power and that free trade is not that free! The most powerful nation decides who can do what and with whom...):"RBS will pay $100m to the U.S. federal and state banking regulators as punishment for using U.S. corr...
by Herd
December 6th, 2013, 11:00 am
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>T4A said:"I think the Germans benefit tremendously from free trade -- just look at their trade surplus. And if the Germans have retained their industry in an era of free trade and gobalization, it says more about German efficiency, quality, and ingenuity that enables them to produce competitive g...
by Herd
December 5th, 2013, 9:14 am
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>T4A said "The long-term seems entirely beneficial, too. Disindustrialisation is beneficial. Why would a country actually want all those icky smoke-belching, chemical-emitting, dangerous factories that force their citizens to become automatons? Admittedly, being a factory worker is better than bei...
by Herd
December 3rd, 2013, 12:36 pm
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>QuoteOriginally posted by: MHillHow about including free-trade & protectionism of labour in this?(eg Polish plumber can come to UK, but Chinese plumber can't) Edit - terrible spellingYou are no talking about free trade, but about free movement of people.More on free trade:See here for a criti...
by Herd
December 3rd, 2013, 9:16 am
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>QuoteOriginally posted by: Traden4AlphaThird, there's the unmeasured benefits of trade: users/consumers of widgets gain 2*N in surplus from getting widgets that are worth $10 for only $8. The economy may be financially poorer but it's correspondingly utility-richer. In fact, the consumer surplus ...
by Herd
November 29th, 2013, 11:09 am
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>It is a good question, a question I ask myself.But it is so hard to get to an independent point of view, partly because of all the ideologicaly/politicaly poluted answers.Also, let's not forget that this globalisation is the second one.In the first one (which took place up to WW1), the UK was in ...
by Herd
November 28th, 2013, 12:55 pm
Forum: Economics Forum
Topic: Is free trade the problem?
Replies: 96
Views: 14479

Is free trade the problem?

<t>A few thoughts:- From Stiglitz book (globalisation and its discontents):supports Pat's idea that protectionism is necessary (in early stages at least) for development of local industry. Otherwise they get killed by big foreign companies. These things have happened in many places. It;s not just th...
by Herd
March 17th, 2013, 10:02 am
Forum: General Forum
Topic: A hell of a lot to learn from this
Replies: 69
Views: 11740

A hell of a lot to learn from this

<t>Alan,I think main problem here is FO shouldn't do VaR. And Model Validation should not get pressure to approve. And their recommandations shld be followed.In fact Risk should have more power, not be something that needs to exist in order to comply.If we follow your reasoning, then why not nationa...
by Herd
March 15th, 2013, 10:51 pm
Forum: General Forum
Topic: A hell of a lot to learn from this
Replies: 69
Views: 11740

A hell of a lot to learn from this

<t>well there are many many issues I thin, not just one.1. Have you ever heard of an FO guy writing a VaR model?2. Did you see the name of the quant who did it?3. The new model was rushed. They didn't give a shite about Model Review Group. In fact MRG made many critics but they didn't care. For them...
by Herd
March 15th, 2013, 10:40 pm
Forum: General Forum
Topic: A hell of a lot to learn from this
Replies: 69
Views: 11740

A hell of a lot to learn from this

section 5-D is completely amazing.VaR optimisation, model minimisation....The quants' reputation is not gonna improve.What's the solution to this new problem?Give more/all power to Risk?
by Herd
March 15th, 2013, 9:37 pm
Forum: General Forum
Topic: A hell of a lot to learn from this
Replies: 69
Views: 11740

A hell of a lot to learn from this

Senate report on London whale
by Herd
January 28th, 2013, 8:32 pm
Forum: General Forum
Topic: Anna Karenina
Replies: 22
Views: 10175

Anna Karenina

<t>re Shalamov I agree. But (and it seems you agree), it is not Solzhenitsyn's fault. In fact Solzhenitsyn praised very highly Kolyma tales and asked him to write archipelago together with him.In fact, Solzhenitsyn's fame came also with many horrible lies told about him. The lefties hated him as the...
by Herd
January 23rd, 2013, 8:28 pm
Forum: General Forum
Topic: Is counterparty risk the new smile?
Replies: 8
Views: 9285

Is counterparty risk the new smile?

<t>re t-copula and gaussian copula: gaussian copula is fine. it's just that one shouldnt use it with one single correlation.Historical estimation (unstationarity) goes wrong I guess because of new policies, national or international.The rules of the game change constantly, so it might be dangerous t...
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