How Investors Could Get A Piece Of U.s. Gdp
August 10, 2009
The combined size of the U.S. stock, bond, and derivatives markets may run into the trillions of dollars, but the underlying money flows on which these bets are based only represent 20-30% of our GDP. The other 70% -- representing mostly salaries and other income flows -- can't be traded against for the most part. And given how badly financial instruments performed in 2008, that may seem like a godsend. Except to Robert Shiller. In a new paper with York University's Mark Kamstra, Shiller contends that it would be a benefit for society if we could trade against the other 70%.
The End Of Aviation
August 27, 2008
As the age of cheap oil comes to a close, it's springtime for gloomy futurists. Visions of a brutish world marked by violent squabbles over dwindling reserves, of junkyards littered with abandoned cars, of suburban slums overrun by weeds, of the collapse of industrial agriculture--none of this sounds as outlandish as it once did.