Ajouté au panierGod has a financial attitude
Weather is water with a financial attitude
In attitude we trust
#Atmospheric Collateral
#Liquidity_for_the_21st Century
“We risk being the first people in history to have been able to make their illusions so vivid, so persuasive, so ‘realistic’ that they can live in them”. 1
“Allan Greenspan loved deregulation. He was also one of Ayn Rand’s disciple. (…) Ayn Rand was the most formative intellectual influence on the man who oversaw the Federal reserve during a period of intense deregulation. The predictable result of this deregulation was a series of speculation bubbles that destroyed the economy. It’s arguable that Ayn Rand’s finest achievement was not the authoring of two shitty novels. It’s arguable that Ayn Rand’s finest achievement was crashing the economy 25 years after her death”. 2
20th century sociologist Robert K. Merton is credited with coining the expression “self-fulfilling prophecy” and formalizing its structure and consequences. In his 1948 article Self-Fulfilling Prophecy, Merton defines the self-fulfilling prophecy as a false definition of the situation evoking a new behavior which makes the original false conception come true. Fake it until you make it – Merton was basically defining the capitalist subjective regime of self-confidence as all-terrain technique of psycho-affective capture.
About 20 years later, his son, the duly and self-fulfillingly named Robert C. Merton, published a paper expanding the mathematical understanding of the options pricing model, and coined the term “Black–Scholes options pricing model”.The Black-Scholes (and Merton) probabilistic formula is like a navigational device to cruise through the sea of derivatives. It provided a rational way to price a financial contract when it still had time to run. “It was like buying or selling a bet on a horse, halfway through the race” (Ian Stewart). The financial sector called it the Midas Formula and saw it as a recipe for making everything turn to gold.
The probabilistic model coincided almost perfectly with the course of the market until the real kicked back in full contingent mode with the October 1987 krach.
“This is the ultimate logical conclusion of the para- dox of the derivative: not that each derivative is a new beginning, but that each derivative is a new present of time. It produces no future out of itself, only another and a different present. The world of finance capital is that perpetual present – but it is not a continuity; it is a series of singularity-events”. 3
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“Within capitalist futures markets, the non-actual has effective currency. It is not an “imaginary” but an integral part of the virtual body of capital, an operationalized realization of the future. It is scarcely imaginable that the Left is willing to follow the path it has set out upon here, therefore, unless through thoughtlessness of simply staggering proportions, since it necessarily leads to the conclusion: while capital has an increasingly densely-realized future, its leftist enemies have only a manifestly pretend one”. 4
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“‘I distrust the future so much that I only do projects for the past.’ The future, just like the crisis, is no doubt today one of the principal and most efficient apparatus of power. Be wary, both in private and in the public sphere, of who offers you a future: this person is almost always seeking to trap or deceive you”. 5