Monthly Archives: January 2018

The Opium Trade & The “Jacksonian” Depression of the 1830s

Here’s an exot­ic tale of trade, mon­ey sup­ply and finan­cial reces­sion from the days when sil­ver, not gold, was the numéraire and glob­al trade-finance mar­kets more inte­grat­ed than you might sup­pose. The back­sto­ry: In 1832 Pres. Andrew Jack­son, fac­ing re-elec­­tion, vetoed the re-char­ter­ing of the wide­­ly-branched, Repub­­li­­can-aligned Bank of the Unit­ed States, re-direc­t­ing US gov­ern­ment […]

Nutraceuticals

Paul Noth, New York­er mag­a­zine

The ‘next trading system’

A series of tweets prompt­ed by the emp­ty argu­ment and spe­cious results of the Decem­ber, 2017, WTO Min­is­te­r­i­al meet­ing. Even­tu­al­ly, this must end. With what? Not, I hope, with rad­i­cal change: I sug­gest Chesterton’s Fence is the right approach to sys­tem redesign.   I argue for more humil­i­ty, par­si­mo­ny and dura­bil­i­ty in the sys­tem of […]