LTCM - Hubris (or, moral hazard)

Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Sun Aug 1 15:26:26 PDT 1999

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

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