John Lanchester:

It seems loopy that the cure for a disaster caused by a headlong dash in the direction of ever freer capital markets should be even freer capital markets; but that is part of Robert Shiller’s point. When it comes to the free global movement of capital, there is no plan B.

From the archive:

Dive into the sea, or stay away.

"I have no Plan B," Mr. McCain said.

That the Internet and housing hyperinflations transpired within a period of ten years, each creating trillions of dollars in fake wealth, is, I believe, only the beginning. There will and must be many more such booms, for without them the economy of the United States can no longer function.

Melting into Air