Jun 2, 2023Liked by Marc Rubinstein

Nice summary of each of these, a good read

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Jun 4, 2023Liked by Marc Rubinstein

Marc, thanks as always for the history and insights. On Libor, missed in it problems and warts is the effect of Goodhart’s law, which Marilyn Strathern summarizes as “When a measure becomes a target, it ceases to be a good measure.” Having worked in rates’ market through Libor’s twilight years, I can say it definitely had it problems but also the replacements our all-knowing monetary overlords are promoting do not fully replace the risk that Libor captured.

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Jun 5, 2023Liked by Marc Rubinstein

Thanks for the "Rigged" reference! It goes directly to my to-do list.

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