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April 26, 2010


Chris Ward

Is this as cataclysmic as the events of 1776, whereby the colonists of North America decided that the 'status quo' ... rule by the English King ... wasn't sustainable any more ? That was a 'Black Swan' event, as viewed from Europe, and resulted in the founding of the United States of America, and the differences which survive to the present day as to whether your commercial disputes get resolved by the King and his men, or by the President and his men.

You use dollars, I use pounds. We welcome each other as tourists in our respective lands. Business and citizenship rights ? That's harder.

Many decisions will be called the same way in the UK and the USA. Some will be called differently.

Henry Engler


Your reference to the Adaptive Markets Hypothesis reminds me of work that is being done to understand financial markets and contagion within the context of a complex adaptive system, borrowing tools and methodologies from other sciences.

Please see some of the excellent work done by Andrew Haldane of the Bank of England, as well as the Santa Fe Institute's Doyne Farmer.



Best regards,

Henry Engler

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