Thursday, 18 August 2011

Time for Some Robust Quantitative Redacting?

Smoke and Mirrors from a Grubby Banker
If history is to judge recent crises it could well be via the "buzz-words" they spat out.

Those of you who have read or seen The Wizard of Oz may not know that the book is in fact a kind of treatise on money in America in the early 20th Century, the yellow brick road being the 'Gold Standard' and the Wizard of Oz himself a top banker - a grubby little man using smoke and mirrors to keep us (munchkins) in fear of his might.

Well, if one inspects the recent national crises you can find specific buzz-words which, I believe, are chosen to try and frighten the meek, gullible or easy-going into silence. A kind of "let the experts deal with that" outlook, which can be particularly tempting when most of us have our time taken up worrying about earning enough money to pay the bills.

Now for the fun part. Here are the buzz-words that stick out for me. I'd love to hear of others, if you have examples, old or new, from the UK or overseas.
  • MPs' Expenses Scandal: REDACTED.
  • Banking Crisis:  QUANTITATIVE EASING.
  • Riots in England: ROBUST (policing/sentencing).
I'd love to hear your examples. Off the top of my head I couldn't think of one for the Murdoch-media phone-hacking scandal.... but there must be an example surely?

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