If you read his book, you find that his solution to the problem of economic co-ordination in the absence of a price mechanism is “the allocation of resources [that] is largely the outcome of discussion between producers, consumers and other affected groups, but within the framework of overall decisions about economic priorities made democratically at the national and international level” (p.140).

That’s one interminable public meeting.

Then I came across this:

The four obtained secrets regarding steelmakers’ output and meetings of the China Iron & Steel Association from companies including Shougang Corp. and Laiwu Group, he said. That led to the failure of iron ore price talks last year, the judge said.

And what are “iron ore price talks”?  Annual meetings between iron producers and steel companies to set prices.  Quite possibly outside of the framework of overall priorities about the advantage of the spot market in reducing the risk of bribery in obtaining pricing information.

guyco Feb 24, 2009 4:36 PM GMT the case of Stanford story has been carefully selected by the Goldsteins to dilute the Madoff story and its cultural fallout.

What an asshole.

Membership rosters at a number of Florida country clubs could be particularly hard hit by Mr. Madoff’s alleged scheme, including Boca Rio Golf Club in Boca Raton and the Palm Beach Country Club in Palm Beach. Members of these clubs helped promote Mr. Madoff’s services to the clubs’ membership, though the clubs themselves weren’t involved, club members said. Having money with Mr. Madoff was a symbol of prestige within these clubs, several members said.

Fucking brilliant.

I like to browse the daily market news each morning, even those with no direct bearing on my job. The chart above of crude oil futures is courtesy of the WSJ. It makes me larf, recalling the solemn prognostications of professional oil analysts that $150 oil was here to stay, and $200 oil was almost certain. Then when the bubble burst the floor was going to be $120, then $100, then $80. It might appear that this is a commodity whose price has become unmoored, but perhaps we’ve actually got not proper understanding of the supply and demand of oil. We could see $10 oil again in a few months, or next year it could be back into triple figures.