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Asset Valuation
Mar. 1st, 2009 08:13 amExtraordinarily good article by Niall Ferguson in the December ’08 Vanity Fair on the history of the current financial crisis. I will have to reread it two or three times in order to fully comprehend it, but it seems to be saying that once money became species i.e. unbacked by any real standard, assets could be arbitrarily accounted, debt could be an asset – hence the world of money includes not just present tense value but speculated future value against which people borrow in the present tense.
What a pity Ron Paul is pro-life – otherwise I would vote for him in a heartbeat.
Ferguson has written a book called The Ascent of Money which I’m going to have to track down in the near future. I’ve always been mystified how value has become so separated from labor in our culture. Seems like appalling hubris to me.
In other news, as my life wasn’t, er, interesting enough (as in that old Chinese proverb, may you live in interesting times), the water pump on the van broke yesterday. Of course we very much needed to use it today to clear all the stuff out of the vacant-commercial-real-estate-formerly-known-as-the-Little-Store. I had one or two moments of real despair there. The local UHaul rental places closes at 4pm on Saturdays. Fortunately Dale came through with a truck – thank you, Dale.
Yesterday was the last day. One longtime customer actually broke down in tears. “I’ve been coming here since you opened. I have to say this store is the reason I come to Monterey.”
Awwwww. Nice to hear even if she was exaggerating.
At some point in the last few days B had a long conversation with D_____, D__ S__’s manager – the sweet man who set up a tea shop in the Genealogy store’s old spot in the 700 Building wants out in the worst possible way – “I know we could make money there,” B said. “The rent’s only $800 a month, right? Our regulars alone would sustain us –“
“No, Ben. Absolutely not.”
“I’m sure we could make money there –“
“I can’t believe you’re bringing this up. You’re leaving in two weeks. And I am over this, I never want to do anything remotely similar again.”
“But you love your customers –“
“I do. But I’m done. Finito. Caput. In retrospect I wish I had taken all the money I put into the store and bought cocaine and diamonds with it. Maybe a few trips to Thailand.”
“I think you had more fun with the store,” Ben said.
I sighed. “You’re right. I did.”
What a pity Ron Paul is pro-life – otherwise I would vote for him in a heartbeat.
Ferguson has written a book called The Ascent of Money which I’m going to have to track down in the near future. I’ve always been mystified how value has become so separated from labor in our culture. Seems like appalling hubris to me.
In other news, as my life wasn’t, er, interesting enough (as in that old Chinese proverb, may you live in interesting times), the water pump on the van broke yesterday. Of course we very much needed to use it today to clear all the stuff out of the vacant-commercial-real-estate-formerly-known-as-the-Little-Store. I had one or two moments of real despair there. The local UHaul rental places closes at 4pm on Saturdays. Fortunately Dale came through with a truck – thank you, Dale.
Yesterday was the last day. One longtime customer actually broke down in tears. “I’ve been coming here since you opened. I have to say this store is the reason I come to Monterey.”
Awwwww. Nice to hear even if she was exaggerating.
At some point in the last few days B had a long conversation with D_____, D__ S__’s manager – the sweet man who set up a tea shop in the Genealogy store’s old spot in the 700 Building wants out in the worst possible way – “I know we could make money there,” B said. “The rent’s only $800 a month, right? Our regulars alone would sustain us –“
“No, Ben. Absolutely not.”
“I’m sure we could make money there –“
“I can’t believe you’re bringing this up. You’re leaving in two weeks. And I am over this, I never want to do anything remotely similar again.”
“But you love your customers –“
“I do. But I’m done. Finito. Caput. In retrospect I wish I had taken all the money I put into the store and bought cocaine and diamonds with it. Maybe a few trips to Thailand.”
“I think you had more fun with the store,” Ben said.
I sighed. “You’re right. I did.”
