Richard Bookstaber in NYT: ‘At the start of the 2008 financial crisis, I was at a hedge fund. By its end, I was at the U.S. Treasury. At both, I worked with people only a few years out of college. The drama of 2008 was all they knew about financial markets.’

And: ‘This time, the danger isn’t financial engineering. It’s that our financial system has attached itself to the vulnerabilities of our physical world — power grids, water, land, supply chains — and created hazards that markets have no framework to analyze.’

Physical risks and hazards are not well integrated in current financial equations.

Bookstaber concludes: ‘Financial risk moves just prices. Physical risk moves the world.’

Yes, the world needs to be moved. The king of the US is trying to move the world even a bit faster.

Creative destruction is coming to you. If it’s not creative, at least it’s destruction.

(a sf 2081)