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He also remembered Peter Bernstein, the financial historian from the US,that illustrated his point by
citing the anecdote of a Moscovite professor of statistics, who refused to go to the air-raid shelter during World War IIbomb attacks.
The professor argued:
Moscow has seven million inhabitants.
Why should I expect to be one who will be hit
His neighbours were astonished, when he came back to the shelter thenext night.
Now the profes
Moscow has seven million inhabitants and one elephant. Last night theelephant was hit.
More at Number 2 of our list.
InNumber 1this week we have the speech of Richard W. Fisher,
president and CEO of the Federal Reserve Bank of Dallas.
He speaks about the
the injustice of being held hostage to large financialinstitutions considered too big to fail
I enjoyed what he remembered:
One is reminded of the comment French Prime Minister Clemenceaumade aboutPresident Wilson
s 14 points:
God did it in 1
Were that we only had 14 points of financial regulation to contend withtoday.
Read more atNumber 1below.Welcome to the Top 10 list.