Paul Kedrosky's Infectious Greed

Gorgeous.

• Got Storage? How Hard Can it Be?  (Source)
• House of the Week: Mercer Island Estate (Source)
• Charles Mackay: Sucker? (Source)
• Rory Stewart · Because we weren’t there?: In Tripoli  (Source)
• Defining Cities in a Metropolitan World  (Source)
• Trader hinted at turmoil in Facebook posts (Source)
• Private company valuation traps (Source)

Epic.

• Charles Mackay's own extraordinary popular delusions and the Railway – http://t.co/mzZJC9iX ->
• Irony alert: Black swan funds have done predictably well this year. http://t.co/gxrZi8Iz ->
• While the McGinnis book on Palin is getting bad reviews ( http://t.co/OadV9zFd), the Doonesbury take is amusing (http://t.co/pu0bDTIn ) ->
• The @BBGLink Bloomberg 50 event agenda tomorrow in NYC looks very good. Too bad I'm not in city. http://t.co/WlKklfb6 ->

Fun:

Paul Mason:

If I borrow £1,000 from you and then, because of spectacular bad luck cannot pay it back, but I come to you and say, “here is £750, can we call it quits?” – that is a controlled default.

If I borrow £1,000 from you and you ring me up and you get directory inquiries in the Dominican Republic – that is an uncontrolled default.

Right now, Greece’s fate hangs in the balance somewhere between these two.

More here via BBC News – What might a Greek default look like?.

Best speed bluegrass ever. Or only. Whatever.

Kyle Bass from CNBC this morning on the euro:

• A Lehman like event is about to be unleashed on Europe without an effective TARP like structure in place http://t.co/U68KL9n ->
• Death is a rare booming market in aging, stagnant Japan – http://t.co/tUFQpEO ->
• Fire your adviser: Correlations to 1-ish http://t.co/ptOlA9q ->
• Greece Should ‘Default Big’ to Address Crisis – http://t.co/vm7eKBx #defaultbigorgohome ->

“It was at a meeting of the British Association in London in 1932 thatI remember that [Horace] Lamb remarked ‘I am an old man now, and when I die and go to Heaven there are two matters on which I hope for enlightenment. One is quantum electrodynamics, and the other is the turbulent motion of fluids. And about the former I am really rather optimistic.”

- S. Goldstein, Fluid mechanics in the first half of this century, Annual Rev. Fluid Mech., 1, 1–29 (1969)