Many congratulations to Brad Setser, who is now back where his heart lies — in the policy thick of things, in Washington DC. We in the blogosphere are sad about this, because it means Brad’s excellent blog is coming to an end: while Brad managed to persuade Sebastian Mallaby that a blog wouldn’t hurt the CFR, he clearly failed (or never even tried) to persuade Larry Summers that a blog wouldn’t hurt the NEC.
In the wake of the global financial and economic meltdown, I wrote a big article for Wired magazine about how it was largely enabled by something called the Gaussian Copula Function. But the whole article was written, naturally, with hindsight. Who saw it coming? Greg Newton, for one, who blogged the Gaussian copula back in September 2005, and concluded: