Skip navigation
#headerOverlay{
color: #ccd6df;
font-size:11px;
line-height:130%;
}
#headerOverlay strong{
color: #ffd226;
}
#headerOverlay a {color:#ccd6df;text-decoration:none;}
#headerOverlay a:hover {color:#ffd226;}
#headerOverlay a:visited {color:#ccd6df;}
#headerOverlay a:visited:hover {color:#ffd226;}
Symbol Lookup
onloadAutoSuggest();
var pgValue = "CNBSEB";
var cmsKeyWord = "alternative investing";
var cmsNewPG = "CNBWAB";
if ((cmsKeyWord.length > 0) && (cmsNewPG.length > 0)) { var newPG = cmsNewPG.split(';'); var group = cmsKeyWord.split(';');
if (newPG.length == group.length) { var description = cnbc_pagedesc.toLowerCase();
for(var x = 0; x < group.length; x++) { var keyWord = group[x].split('|'); for (var j = 0; j < keyWord.length; j++) {
if (description.indexOf(keyWord[j].toLowerCase()) != -1) { pgValue = newPG[x]; j = keyWord.length; x = group.length; }}}}}
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(88,31,pgValue);
} else {
dapMgr.enableACB("SearchBox88x31",false);
dapMgr.renderAd("SearchBox88x31","&PG=" + pgValue + "&AP=1071&PN=CNBC",88,31);
}
cnbc_displayUsername("cnbc_usertime","cnbc_username");RegisterSign InMember CenterSign OutRegistercnbc_toggleUserState();HOMENEWSMARKETSEARNINGSINVESTINGVIDEOCNBC TVCNBC 360CNBC PROU.S.Asia-PacificEuropeEconomyEnergyGreenSmall BusinessTechnologyBlogsSlideshowsSpecial Reports
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(728,90,"CNBGE7");
} else {
dapMgr.enableACB("USNewsBlogs728",false);
dapMgr.renderAd("USNewsBlogs728","&PG=CNBGE7&AP=1390&PN=CNBC",728,90);
}
NetOccupationally Hazardous.
var cnbcSubHeaderId = document.getElementById('subheader_'+ 38911124);
cnbcSubHeaderId.innerHTML = document.getElementById('renderReaderContent').innerHTML;
Current DateTime: 04:15:46 11 Nov 2011LinksList Documentid: 45166246The Trade That Killed MF Global
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45132384", "45166246_1","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45132384", "45166246_1","cnbcCommentsTxt" );
Is US Economy Flirting With 'Modern-Day Depression'?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44802751", "45166246_2","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44802751", "45166246_2","cnbcCommentsTxt" );
Meet The 'Hot Chicks' of Occupy Wall Street
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44936130", "45166246_3","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44936130", "45166246_3","cnbcCommentsTxt" );
How Does Europe Borrow Dollars From The Fed?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44963864", "45166246_4","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44963864", "45166246_4","cnbcCommentsTxt" );
Three Things Greece Can Learn From Ireland
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45134569", "45166246_5","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45134569", "45166246_5","cnbcCommentsTxt" );
Obama Blasts Bank of America's Debit Fee
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44770831", "45166246_6","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44770831", "45166246_6","cnbcCommentsTxt" );
Are Traders Cheering For the Market to Go Down?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44775219", "45166246_7","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44775219", "45166246_7","cnbcCommentsTxt" );
The Fed Wants to Be Your Facebook Friend
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44701381", "45166246_8","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44701381", "45166246_8","cnbcCommentsTxt" );
BofA Calls the Election, And It's Bad for Obama
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44992279", "45166246_9","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("44992279", "45166246_9","cnbcCommentsTxt" );
Translating Bill Gross: The Debt Trap
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45106677", "45166246_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45106677", "45166246_10","cnbcCommentsTxt" );
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(300,900,"CNBGE3");
} else {
dapMgr.enableACB("USNewsBlogs300x250",false);
dapMgr.renderAd("USNewsBlogs300x250","&PG=CNBGE3&AP=&PN=CNBC",300,900);
}
Current DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 38910464Expiration DateTime: 11/11/2011 4:18:44 AM
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" );
How a Flaw in The Human Brain Is What's Preventing a Solution in Europe
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244940", "38910464_1","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244940", "38910464_1","cnbcCommentsTxt" );
Shopping at the Speed of Click
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244212", "38910464_2","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244212", "38910464_2","cnbcCommentsTxt" );
Uh Oh: The Gap Between France and Germany Is Growing
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45242405", "38910464_3","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45242405", "38910464_3","cnbcCommentsTxt" );
Maybe the Bank of England Can Fix Italy?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45241061", "38910464_4","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45241061", "38910464_4","cnbcCommentsTxt" );
Global Liquidity Crunch Is Going to Get Worse
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45239751", "38910464_5","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45239751", "38910464_5","cnbcCommentsTxt" );
Can the Fed Target Italian Interest Rates?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45239675", "38910464_6","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45239675", "38910464_6","cnbcCommentsTxt" );
Europe's Banks Make Mockery of New Capital Rules
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45229140", "38910464_7","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45229140", "38910464_7","cnbcCommentsTxt" );
Debate Big on Campus, But Cain Charges Aren't
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45228628", "38910464_8","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45228628", "38910464_8","cnbcCommentsTxt" );
A German Hedge Fund Exec Has Already Booked Two Trips to Space
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45227120", "38910464_9","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45227120", "38910464_9","cnbcCommentsTxt" );
Nightmare for MF Global Customers: They Really Might Not Get Their Money Back
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45225678", "38910464_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45225678", "38910464_10","cnbcCommentsTxt" );
Was Hayek a Supporter of Nominal GDP Targeting?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45223999", "38910464_11","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45223999", "38910464_11","cnbcCommentsTxt" );
Who Is Wall Street Supporting?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45222808", "38910464_12","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45222808", "38910464_12","cnbcCommentsTxt" );
MF Global Suits Up
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45211716", "38910464_13","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45211716", "38910464_13","cnbcCommentsTxt" );
A Derivatives Fight Over MF Global
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45210055", "38910464_14","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45210055", "38910464_14","cnbcCommentsTxt" );
MF Global's UK Staff Might Have Received Bonuses Hours Before Bankruptcy
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45208875", "38910464_15","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45208875", "38910464_15","cnbcCommentsTxt" );
Did Bonuses Really Cause the Financial Crisis?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45207081", "38910464_16","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45207081", "38910464_16","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" );
Email: document.write("");document.write("NetNet"+"@"+"cnbc.com");document.write('');Call: 201-735-iNet (4638)Text Message: Text NETNET followed by your tip to 26221. Current DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 38852222John Carney
Runs this joint.
Cadie Thompson
Really, really runs this joint.
Jeff Cox
A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Stephanie Landsman
Squawk Boxer Rebel.
Lori Spechler
A Senior Editor at CNBC, commodity trader in a former life.
Lori Ann LaRocco
A Senior Talent Producer at CNBC.
Current DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 43730562The Faces of 'Occupy Wall Street'
Occupy Wall Street has attracted people from all backgrounds.
The Greatest Trades of All Time
The following list of people showcases some of the greatest trades in the business.
Rogue Trading: A How-To Guide
There's a surprisingly consistent pattern to all these rogue traders.
25 Things Every Wall Street Intern Should Know
Some words of wisdom for all the Wall Street Interns this summer.
Current DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 38910635Expiration DateTime: 11/11/2011 4:18:35 AM
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910635_1","cnbcCommentsTxt" );
US May Soon Rival China in Job Competitiveness: Analysts
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45161903", "38910635_1","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45161903", "38910635_1","cnbcCommentsTxt" );
Italy May Need to Exit Euro Zone: Nouriel Roubini
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251717", "38910635_2","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251717", "38910635_2","cnbcCommentsTxt" );
US Markets Lookahead for Friday
cnbc_commentCountMapObj.cnbc_commentCountMap_put("15840232?video=3000056830&play=1", "38910635_3","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("15840232?video=3000056830&play=1", "38910635_3","cnbcCommentsTxt" );
Italy's Senate Set to Vote for Cuts to Save Euro Zone
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251641", "38910635_4","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251641", "38910635_4","cnbcCommentsTxt" );
Deep Ties With Europe Put Emerging Markets at Risk
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45248709", "38910635_5","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45248709", "38910635_5","cnbcCommentsTxt" );
France Shocked by S&P Downgrade Error
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251846", "38910635_6","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45251846", "38910635_6","cnbcCommentsTxt" );
Victoria's Secret Fashion Show 2011
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244238", "38910635_7","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45244238", "38910635_7","cnbcCommentsTxt" );
Greece PM to Name Crisis Cabinet; Euro Zone Shudders
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252039", "38910635_8","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252039", "38910635_8","cnbcCommentsTxt" );
In Sign of Easing, China October Bank Loans Rebound
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252134", "38910635_9","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252134", "38910635_9","cnbcCommentsTxt" );
Ahead of New Rules, Europe's Banks on Selling Spree
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252271", "38910635_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("45252271", "38910635_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910635_1","cnbcCommentsTxt" );
» HelpCurrent DateTime: 04:16:27 11 Nov 2011LinksList Documentid: 38851925Subscribe to this RSS feed
Stay up to date with NetNet.
setDefault('cnbc_textbody');How a Flaw in The Human Brain Is What's Preventing a Solution in Europe Published:
Thursday, 10 Nov 2011 | 3:17 PM ET Text Size By: Joe Weisenthal, Business Insider
#divButtons .gig-button-container-facebook-like {margin-right:-2px;}
#divButtons .gig-button-container-twitter {margin-right:15px;}
#divButtons .gig-button-container-google-plusone {margin-right:-16px;}
#divButtons .gig-button-container-linkedin {margin-right:17px;}
var params ={
userAction:ua,
shareButtons: [{provider:'facebook-like',action:'recommend'},{provider:'twitter'},{provider:'google-plusone'},{provider:'linkedin'},{provider:'share',enableCount:false}],
containerID: 'divButtons'}
gigya.services.socialize.showShareBarUI(conf,params);
Gen Nishino | Riser | Getty ImagesPeople don't understand money. That's why the Eurozone crisis isn't getting solved.
Let's back up for a second: This morning we wrote about a radical note from Jefferies, which argued that if the ECB wasn't going to buy Italian debt, then at least the BoE should do it.
The argument: Well, if Italy goes down, then it will buffett the UK economy pretty hard (incl
Really, really runs this joint.
A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Squawk Boxer Rebel.
A Senior Editor at CNBC, commodity trader in a former life.
A Senior Talent Producer at CNBC.
Occupy Wall Street has attracted people from all backgrounds.
The following list of people showcases some of the greatest trades in the business.
There's a surprisingly consistent pattern to all these rogue traders.
Some words of wisdom for all the Wall Street Interns this summer.
Stay up to date with NetNet.
Gen Nishino | Riser | Getty ImagesPeople don't understand money. That's why the Eurozone crisis isn't getting solved.
Let's back up for a second: This morning we wrote about a radical note from Jefferies, which argued that if the ECB wasn't going to buy Italian debt, then at least the BoE should do it.
The argument: Well, if Italy goes down, then it will buffett the UK economy pretty hard (including its banks) so might as well get pre-emptive and go ahead and do it.
We can safely say this will never happen, but not because it's not a good idea. The idea is fine from an accounting economic standpoint, but everyone in the UK would go ballistic.
Same with the Fed if it tried to monetize Italian debt... Everyone would turn on Bernanke.
And the reason everyone would go ballistic, is because people don't understand money. Their minds still inhabit a gold-standard world, where central banks can somehow "run out" of money, and bailouts automatically "cost the taxpayer" billions.
This was a point that Paul Krugman recently made in a post about banking and fractional reserve lending... Let me add that the fractional reserve thing exhibits a characteristic common to a lot of what I see in the Paulist camp: they have an oddly antiquated notion of what money and finance are about, one that misses the "virtualness" of the modern world. They still think of money as being pieces of green paper, rather than what it mostly is now, zeroes and ones in some server somewhere. They still think of banks as being those big marble buildings, in a world in which most banking is a lot more abstract than that.
The only problem here is that Paul Krugman aims too narrowly. It's not just the Ron Paulists who have such a hard view of money.
Alan Greenspan, who ran the Fed, said in testimony...
But as I've testified here before to a similar question, central bankers began to realize in the late 1970s how deleterious a factor the inflation was. And, indeed, since the late '70s, central bankers generally have behaved as though we were on the gold standard. And, indeed, the extent of liquidity contraction that has occurred as a consequence of the various different efforts on the part of monetary authorities is a clear indication that we recognize that excessive creation of liquidity creates inflation which, in turn, undermines economic growth.
The fact of the matter is that we're not on a gold standard. Period. A system of fiat money, where the only limits are on resources (labor, commodities, etc.) is nothing like a gold standard, where there is actually a hard limit on the amount of money there is.
The problem is, it's hard to conceptualize the non gold standard world, since for most of us money is actually finite, and it's this bias the prevents solutions in Europe.
RELATED LINKSCurrent DateTime: 04:15:47 11 Nov 2011LinksList Documentid: 45244947Maybe the Bank of England Can Fix Italy?Global Liquidity Crunch Is Going to Get WorseUh Oh: The Gap Between France and Germany Is GrowingItaly Seen Forming a New Government Within Days
This story originally appeared on Business InsiderRead more from Business Insider:The Former CEO Of Citigroup Has Three Words Of Advice For Rich Americans Bankers RAGE At Mario Batali All Over BloombergROUBINI: There's Only One Thing That Will Stop The 'Upcoming Disaster' In Europe 10 Companies With Very Questionable Executive Pay Practices
Facebook us @ www.facebook.com/NetNetCNBC
Read Full Article »
