Very interesting blog post about the broader lessons of the big Malaysia investment/graft scandal.
1MDB and Malaysia: Notes and Adjacent Thoughts
Three takeaways: world investments markets are by no means efficient; the "little man" theory of history; the role of the US in exemplifying and policing "good government" norms.
Of course, everything Trump-related is a boon for the global kleptocracy, but the post doesn't discuss that.
Thought: is the failure of "intelligent" Trumpers/libertarians like MM mainly a failure of knowledge (they don't understand how the system of laws/regulations/norms/standard human effort work to produce a tolerable level of shared societal prosperity) or meta-knowledge (they achieve intellectual quiescence by adoption of some simple theory that "sounds right", and so cease the effort of trying to understand a complex world)? [A difference with Trump is that he does not even require a theory--he believes in his gut reactions enough that there's no need to test or second-guess his ad hoc judgments, to an extent that simple empirical evidence is disregarded when it conflicts with his priors.]
Last edited by simplicitus; 01-01-2019 at 01:32 PM.