Robust orthodoxies tolerate substantial deviation, confident that heretics will eventually be drawn back by their own good sense. Weak orthodoxies punish even trivial deviance from dogma sensing that most people secretly disagree, and will discover each other if heresy is allowed

Why did humans evolve the capacity to panic, if panic is never useful, as some claim?

I’m notoriously bad at math. And yet...this seemed fishy...

The Grumpy Economist: Kashyap on Greece johnhcochrane.blogspot.com/2015/06/kashya…

True, true. We love to cheer those who defy "powers that be", regardless of consequences. But its usually a bad idea x.com/MargRev/status…

Rich who loans to poor = hero, but rich who seeks repay later = devil? Make up mind! Either bad to loan to poor, or good to seek repay.

Just as the mood in Greece is shifting towards a Yes, the mood in Germany is shifting towards a No. A fine mess. eurointelligence.com

There's an agreement on Greece, and this photo tells you all you need to know about the terms.

- “Alex, no one will see us here, we can call it an accident.” - “F’ it, I’ll sign” #greekment

If Greece had had the option of devaluation, do you think things would be as bad as they are now? bit.ly/1L0bqNC

Russian state-run Sputnik news service reports that ISIS beheading videos were staged by John McCain in a TV studio. fr.sputniknews.com/international/…

It is Germany, not Greece, that has capitulated. My latest column:- FT.com on.ft.com/1M1BO98 via Financial Times