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Daily Archive for April 1st, 2011

“Even supposing for a moment, that a solitary act of disobedience may pass without evil results—nay, may bring beneficial ones: even supposing this, the wisdom of the act is not thereby proved. For consider the probable effects of a wrong precedent. As Paley truly says, “the bad consequences of actions are twofold, particular and general.“ And admitting […]

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No Joke

Insurers view investing in US Government debt to be just as risky as investing in the debt of a large US corporation. Here is a chart of the price of a Credit Default Swap on 5-Year US Government Debt: Before discussing the chart, let’s examine what the price of the CDS means. A credit default […]

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