The fail rate for traders in a real trading firm is something like 50% anecdotally (i.e. 1/2 of those hired don't make past 12mo mark) The fail rate for retail traders without the professional environment backing them…
You can buy or sell 1 share of apple for a bid/ask spread of 1 cent today, or 0.006% of the stock price, and pay no commission to do so. There are very few other examples out there where pure competition between market…
They get some hate here but are lovely birds. Waking up in the bush to their song is quite special. I know someone on a farm who had a few as pets. One somehow was taught to roll on its back and lift a fork/spoon like a…
You need to take a break man. Change something. Fair call if you don’t like travel. Just go live anywhere else for a month. Pick a city and pretend it’s home. Rent your place out. If you like it make it 2 months. If…
mate honestly that sounds like you're cutting off your legs to save your toes. you should take a backpacking holiday in a busy city somewhere (overseas?). If you have fun, try a working-holiday in a new city for a…
> Furthermore, it's not clear to me how you believe that the BoE article contradicts what I'm saying. I'm under the impression that you (along with most other people) are simply misunderstanding what you are reading…
That's exactly the point - money is just numbers on screens. there is no money to loan out. the act of lending creates the money. - Bank starts with $0 capitalisation or deposits - Customer goes to bank and asks for $1…
Again no, neither of these are accurate. Modern banks do not operate on a fractional reserve basis at all. This is a falsehood peddled by well out of date undergrad econ textbooks…
Not at all. When you get a loan, the bank creates a liability and deposit out of thin air. The deposit is a "demand deposit", which is effectively equivalent and fungible to central-bank-backed currency (hence the term…
- Socks should end perfectly mid-calf - Sunglass arms go over helmet straps, not under - No half wheeling
https://voxeu.org/article/billion-prices-project An alternative approach to tracking CPI through scraping e-commerce. They get effectively the same result.
Wholeheartedly agree. The best system is no system at all - problem is it doesn't really satisfy any requirements. Anything added beyond that is extra room where fragility creeps in & the tradeoff shouldn't ever be…
> sheer magnitude will overcome the lenders’ belief Japan lends to itself. The BoJ owns so much of the government bond market that there are days where the benchmark bond simply doesn't trade [1]. Under absolutely no…
MMT has nothing to do with any kind reserve currency status. The primary mistake most people make with MMT (and one which is continually enforced by both sides of the political media), is that they think it is a policy…
I think "the economic system is wrong" is a bit of a stretch, but despite objectively working pretty well there are a few glaring problems (some of which potentially lead to society imploding if left unchecked... but…
That was wonderful to read
> The financial institutions are not hoarding the money the Fed prints and gives to them. They are using it to make mortgage and commercial real estate loans, because that is what they are allowed to use it for under…
Your example is backwards; the McMansions, oversupply of CRE, TARP and the rest of the 2008 fiasco was the result of private sector speculation. Private sector misallocation of credit, not public sector. Look at US…
This is ‘Quantity Theory of Money’, or modelling money as a kind of commodity. I think it is dangerous because it is intuitive, but empirically useless. Fiat currency cannot be thought of as a commodity, rather it is a…
One of Keynes' major contributions was to _convince_ that aggregate demand was a strong influence on economic output, and that left to its own devices the private sector would not be willing or able to perform the…
Right, but Bloomberg doesn't make (meaningful) money from showing news to a wide audience. Bloomberg is somewhat unique among news providers in that _news is the advert_ for the company. They sell a software terminal at…
How do you reason this? The overlap of the two businesses is likely counted in single digit percentages of revenue.
I'll give the paths that I saw available to someone with a usual CS background. Not hard rules, but the distinction between developer (support) & trader (revenue generation) will be harder to overcome the later on in a…
No, there isn’t really. There is a treasure of info on that site though. I also have a CS background before I moved to the quant area. Things that might help pique your interest: - For both academic and practical…
The civilians labor force is about 165 million people, so we’ve added about ~5% to the unemployment rate in the last two weeks (say 9m increase in claims). Unemployment peaked at around 25% in the 1930s depression.…
The fail rate for traders in a real trading firm is something like 50% anecdotally (i.e. 1/2 of those hired don't make past 12mo mark) The fail rate for retail traders without the professional environment backing them…
You can buy or sell 1 share of apple for a bid/ask spread of 1 cent today, or 0.006% of the stock price, and pay no commission to do so. There are very few other examples out there where pure competition between market…
They get some hate here but are lovely birds. Waking up in the bush to their song is quite special. I know someone on a farm who had a few as pets. One somehow was taught to roll on its back and lift a fork/spoon like a…
You need to take a break man. Change something. Fair call if you don’t like travel. Just go live anywhere else for a month. Pick a city and pretend it’s home. Rent your place out. If you like it make it 2 months. If…
mate honestly that sounds like you're cutting off your legs to save your toes. you should take a backpacking holiday in a busy city somewhere (overseas?). If you have fun, try a working-holiday in a new city for a…
> Furthermore, it's not clear to me how you believe that the BoE article contradicts what I'm saying. I'm under the impression that you (along with most other people) are simply misunderstanding what you are reading…
That's exactly the point - money is just numbers on screens. there is no money to loan out. the act of lending creates the money. - Bank starts with $0 capitalisation or deposits - Customer goes to bank and asks for $1…
Again no, neither of these are accurate. Modern banks do not operate on a fractional reserve basis at all. This is a falsehood peddled by well out of date undergrad econ textbooks…
Not at all. When you get a loan, the bank creates a liability and deposit out of thin air. The deposit is a "demand deposit", which is effectively equivalent and fungible to central-bank-backed currency (hence the term…
- Socks should end perfectly mid-calf - Sunglass arms go over helmet straps, not under - No half wheeling
https://voxeu.org/article/billion-prices-project An alternative approach to tracking CPI through scraping e-commerce. They get effectively the same result.
Wholeheartedly agree. The best system is no system at all - problem is it doesn't really satisfy any requirements. Anything added beyond that is extra room where fragility creeps in & the tradeoff shouldn't ever be…
> sheer magnitude will overcome the lenders’ belief Japan lends to itself. The BoJ owns so much of the government bond market that there are days where the benchmark bond simply doesn't trade [1]. Under absolutely no…
MMT has nothing to do with any kind reserve currency status. The primary mistake most people make with MMT (and one which is continually enforced by both sides of the political media), is that they think it is a policy…
I think "the economic system is wrong" is a bit of a stretch, but despite objectively working pretty well there are a few glaring problems (some of which potentially lead to society imploding if left unchecked... but…
That was wonderful to read
> The financial institutions are not hoarding the money the Fed prints and gives to them. They are using it to make mortgage and commercial real estate loans, because that is what they are allowed to use it for under…
Your example is backwards; the McMansions, oversupply of CRE, TARP and the rest of the 2008 fiasco was the result of private sector speculation. Private sector misallocation of credit, not public sector. Look at US…
This is ‘Quantity Theory of Money’, or modelling money as a kind of commodity. I think it is dangerous because it is intuitive, but empirically useless. Fiat currency cannot be thought of as a commodity, rather it is a…
One of Keynes' major contributions was to _convince_ that aggregate demand was a strong influence on economic output, and that left to its own devices the private sector would not be willing or able to perform the…
Right, but Bloomberg doesn't make (meaningful) money from showing news to a wide audience. Bloomberg is somewhat unique among news providers in that _news is the advert_ for the company. They sell a software terminal at…
How do you reason this? The overlap of the two businesses is likely counted in single digit percentages of revenue.
I'll give the paths that I saw available to someone with a usual CS background. Not hard rules, but the distinction between developer (support) & trader (revenue generation) will be harder to overcome the later on in a…
No, there isn’t really. There is a treasure of info on that site though. I also have a CS background before I moved to the quant area. Things that might help pique your interest: - For both academic and practical…
The civilians labor force is about 165 million people, so we’ve added about ~5% to the unemployment rate in the last two weeks (say 9m increase in claims). Unemployment peaked at around 25% in the 1930s depression.…