1. The economy: have we seen the worst?
2. Financial regulation as chess game.
3. Markets in everything yes progress is real.
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There are still Geisha?
Addendum to last comment: I realize that this is an instance of catastrophic coverage which is how insurance is meant to be structured, yet despite this the market for this type of insurance should suffer from an adverse selection death spiral. There are numerous market failures with respect to information and determining the specific risk to an individual or business seems nearly impossible.
If Colombia ever straightens out its drug control problem, I have little doubt it would become the wealthiest country in Latin America. They are blessed with a lot of natural resources and the people there have an entrepreneurial spirit second only to the US (and perhaps Canada) in the Western hemisphere. Colombians also have never seemed to me to fully embrace a collectivist mentality that is so prevalent in the region, and most of the ones I’ve talked with in my travels there want a strong market economy with low taxes.
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