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from Breakingviews:

Future financiers condemned to repeat sins of past

By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Future financiers are condemned to repeat the mistakes of the past. Nearly 150,000 wannabe investment advisers, bankers, risk managers and analysts around the world will sit for the CFA exam this weekend. Success hinges on their understanding of the capital asset pricing model and return on equity. Knowledge of disasters like the South Sea Bubble and the Great Crash, though, are not required. Widespread ignorance of financial history is an overlooked systemic risk.

Some degree of comfort can be taken from the fact that most of today’s finance professionals actually lived through a crisis memorable enough to be included in the economic canon. Even so, many of them still lack the context to realize the latest mortgage-induced meltdown wasn’t unique. The best chance to break, or at least subdue, the pattern of greed-induced exuberance followed by fear-fueled crash is with a certain degree of appreciation of the phenomenon.

There’s no evidence yet, however, of a scholarly renaissance. The latest candidates for the chartered financial analyst credential, much like the first class of just a few hundred in 1963, will have crammed for months to grasp the intricacies of currency exchange rates, credit risk, ethical practices and portfolio management. The ones who pass – only a small fraction do on the first attempt – will theoretically be in position to better serve customers and employers. But they will have a gaping hole in their education.

from Edward Hadas:

The problem with the Piketty problem

If a man is suspected of murder, arson and speeding, any prosecutor who focuses only on the last charge risks ridicule. That imagined situation has some bearing on recent criticism of Thomas Piketty, the best-selling French anti-inequality economist. The accusations are largely restricted to ways in which he has exceeded the limits of his data.

The Financial Times, the most prominent critic, has identified possible compilation mistakes and biased adjustments in Piketty's statistics on the history of wealth distribution. This is potentially a bit sloppy, but beyond that it's hard to get too excited. Revising the questionable numbers would not change the basic conclusion that wealth has become more concentrated in most countries over the last three decades.

from Photographers' Blog:

Remembering D-Day, 70 years on

Omaha Beach, France

By Chris Helgren

During the years of my career that I spent working in Europe, I met many veterans who fought and lost friends on World War Two battlefields.

One such occasion was in 2009, when I went to Normandy to cover the 65th anniversary of the D-Day landings, the allied invasion that spelled the beginning of the end for Nazi Germany.  

from Photographers' Blog:

World War One – a glimpse of the front

Paris, France
By Charles Platiau

Editor’s Note: The animated images in this blog are made from stereoscopic glass plates taken during World War One.

Stereoscopic photography uses two images seen together through a special viewer, creating a picture that looks almost three dimensional.

from Full Focus:

Iconic World Cup moments

Iconic moments from past World Cups.

from Photographers' Blog:

Shooting back in time

Naperville, Illinois

By Jim Young

I am not much of a history fan and definitely wouldn’t describe myself as a Civil War aficionado… I actually had to remind myself of the dates of the fighting before I went to cover a U.S. Civil War reenactment in Naperville, Illinois this month.

But as I walked up to the Naper Settlement open-air museum to photograph the event, and passed by former U.S. President Abraham Lincoln – or at least a man dressed up to look just like him – I figured I must be in the right place.

from Photographers' Blog:

All at sea – tales from Korea’s disputed border

Baengnyeong, South Korea

By Damir Sagolj

 A blue dot on a map shows a phone's current position on the island of Baengnyeong that lies just on the South Korean side of the Northern Limit Line (NLL) in the Yellow Sea April 13, 2014. REUTERS/Damir Sagolj

Look at the little blue dot showing a current position on a map: that is the island of Baengnyeong. The map might suggest this outcrop is deep inside North Korea but it’s not. The hand in the picture is mine, the phone with its high-speed internet connection is also mine, and the barbed wire is South Korean.

Baengnyeong – like a few other islands I visited recently – lies on the South’s side of the disputed maritime boundary that separates the two Koreas at sea. Known as the Northern Limit Line, it is an extension of the more famous land border between North and South Korea – the Demilitarized Zone or DMZ – but it curves further to the north. It is the line between two fierce neighbors whose war started over six decades ago and never really ended.

from Photographers' Blog:

Remembering Verdun

Verdun, France

By Charles Platiau

Verdun was the site of one of World War I’s bloodiest battles. Hundreds of thousands of French and German soldiers lost their lives in this north-eastern corner of France, where fighting raged for months in 1916.

Yesterday’s enemies are now united on the battleground. Members of French and German historical associations, all keenly interested in the First World War and all passionate about historical re-enactments, gather in Verdun every year to take part in a commemorative march.

from Photographers' Blog:

The ghost villages of Verdun

Verdun, France
By Vincent Kessler

The year 2014 brings together the past and the future for France. It is a time of local elections, and it is also the 100th anniversary of the start of the First World War.

The Battle of Verdun in northeastern France was the longest battle of the so-called Great War, lasting some ten months from February to December 1916. It was also one of the most murderous.

from Photographers' Blog:

Faces of Romania’s past

Slobozia, Romania
By Bogdan Cristel

Romania is proud to have produced a man thought by many to be the world’s first war photographer – Carol Popp de Szathmary, from the city of Cluj, who took photographs of the Crimean War in the 1850s.

One of the most impressive people to have followed in his footsteps is Costica Acsinte, another Romanian who worked as a photographer during the First World War. Below is an image of his taken on the front line.

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