"It's totally unsafe here," said Peter Geche, a taxi driver in Nakuru on Friday afternoon. "So many people have been killed by arrows."
The morality of the Greed Narrative is straightforward. A small number of predators destabilize the economy and reap big bonuses. The financial system is fundamentally broken. Government should step in and control the malefactors of great wealth.
The Ecology Narrative is different. It starts with the premise that investors and borrowers cooperate and compete in a complex ecosystem. Everyone seeks wealth while minimizing risk. As Jim Manzi, a software entrepreneur who specializes in applied artificial intelligence, has noted, the chief tension in this ecosystem is between innovation and uncertainty. We could live in a safer world, but we'd have to forswear creativity.
The United States has generally opted for financial innovation. This has worked out pretty well. America has enjoyed 25 years of strong economic growth, in part because capital has been efficiently allocated to companies that can use it well.
Hedge funds have proliferated to help investors manage risk. These things exist precisely because investors want to smooth out volatility. In the old days, a blow to, say, the Texas economy could have dried up lending in Texas, but now funds flow globally, and money from one part of the world can shore up weakness in another.
Federal agents raided the Silk Roads Gallery in Los Angeles, the Los Angeles County Museum of Art, the Pacific Asia Museum in Pasadena, the Bowers Museum in Santa Anna and Mingei International Museum in San Diego as part of a five-year investigation into the smuggling of looted antiquities from Thailand, Myanmar, China and Native American sites.
Leading gold and platinum mines stopped production Friday as the South African government declared a national electricity emergency in the face of power outages have caused chaos and threatened to choke economic growth. The government said there was no forseeable end to the electricity shortages. The mines were shut so that workes would not be trapped underground.