Market Fundamentalism

Opinion: Why Are Threats to Civil Society Growing Around the World?

Whistle-blowers like Edward Snowden and Julian Assange are hounded – not by autocratic but by democratic governments – for revealing the truth about grave human rights violations. Nobel peace prize winner, writer and political activist Liu Xiaobo  is currently languishing in a Chinese prison while the killing of Egyptian protestor, poet and mother Shaimaa al-Sabbagh, apparently by a masked policeman, in January this year continues to haunt us. 

Economists’ Fantasies, Planetary Nightmares

While debating a high frequency trader recently, I encountered the familiar rationalisations that high frequency trading (HFT) contributes to liquidity and price discovery in markets. Assertions about liquidity are hard to justify after the “flash crash” of May 6, 2010, where the “faux liquidity” of HFT disappeared when needed and the traditional market-making obligations of the old specialists were absent.