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384 pages, Hardcover
First published February 13, 2020
When multiple banks invest in the same asset, it creates a potential route of transmission between them. If a crisis hits and one bank starts selling off its assets, it will affect all the other firms who hold[...]. Y sin embargo siempre tiene una historia interesante en la recámara:
Financial Times journalist John Authers visited a Manhattan branch of Citibank during his lunch break. He wanted to move some cash out of his account. Some of his money was covered by government deposit insurance, but only up to a limit; if Citibank collapsed too, he’d lose the rest. He wasn’t the only one who’d had this idea. ‘At Citi, I found a long queue, all well-dressed Wall Streeters,’ he later wrote.[92] ‘They were doing the same as me.’ The bank staff helped him open additional accounts in the name of his wife and children, reducing his risk. Authers was shocked to discover they’d been doing this all morning. ‘I was finding it a little hard to breathe. There was a bank run happening, in New York’s financial district. The people panicking were the Wall Streeters who best understood what was going on.’ Should he report what was happening? Given the severity of the crisis, Authers decided it would only make the situation worse. ‘Such a story on the FT’s front page might have been enough to push the system over the edge.’ His counterparts at other newspapers came to the same conclusion, and the news went uncovered.
‘Some general principles are similar to how disease spreads through populations, for instance more social individuals being more likely to encounter and adopt new behaviours, and socially central individuals can act as “keystones” or “super-spreaders” in the diffusion of information.’
Consideren un edificio con una ventana rota. Si la ventana no se repara, los vándalos tenderán a romper unas cuantas más. Finalmente, quizás hasta irrumpan en el edificio; y, si está abandonado, es posible que lo ocupen ellos y que prendan fuego dentro.De nuevo, postular que esto sigue el mismo modelo de propagación me parece un salto abismal. Por no hablar de que en los siguientes dos capítulos mete en este modelo el estudio de cómo se formaban las protestas callejeras en Irak durante la ocupación norteamericana, que terminó dependiendo de si había o no puestos de kebabs en la splazas (la historia es interesantísima, la analogía con una epidemia es mala). O peor aún, la adopción de los diagramas de Feynman como herramienta matemática en los físicos teóricos:
O consideren una acera o una banqueta: se acumula algo de basura; pronto, más basura se va acumulando; con el tiempo, la gente acaba dejando bolsas de basura de restaurantes de comida rápida o hasta asaltando coches.
The spread of Feynman diagrams appears analogous to a very slowly spreading disease,’ the researchers noted.¿En serio? Todas y cada una de las tecnologías/aparatos/ideas que se adoptan en una sociedad tienen forma de sigmoide. Llamar a eso "contagio" es de nuevo llevar el libro por los pelos haciéndolo seguir una línea argumental que no siempre es aplicable. En fin.