LTCM - Hubris (or, moral hazard)

[Rakesh Bhandari]

Peter,
thank you for this helpful download.
Angela raised sometime ago a question about the transition from commodity
to fiat money. What about the transition to electronic money? I know Joel
Kurtzman wrote an interesting, fact filled  book about this a few years
ago; and there is a new book by Robt Solomon I believe on the topic. Aside
from electronic transactions per se, it sure does not seem that the kind
of arbitrage LTCM attempted would have been possible without very powerful
IT. So what's the relationship between technology and money today? Robt
Gordon may claim that new techs are less epochal in nature, but perhaps
money is already acting in funny new unprecedented ways on the basis of
advances in information technology?  
yours, rakesh