Bonuses are particularly dangerous because they invite bankers to game the system by hiding the risks of rare and hard-to-predict but consequential blow-ups… The ancients were fully aware of this upside-without-downside asymmetry, and they built simple rules in response. Nearly 4,000 years ago, Hammurabi’s code specified this: “If a builder builds a house for a man and does not make its construction firm, and the house which he has built collapses and causes the death of the owner of the house, that builder shall be put to death.”
This was simply the best risk-management rule ever. The Babylonians understood that the builder will always know more about the risks than the client, and can hide fragilities and improve his profitability by cutting corners — in, say, the foundation. The builder can also fool the inspector; the person hiding risk has a large informational advantage over the one who has to find it.
I snapped a twig and dropped the halves on the ground about eight inches apart to form targets for my landings. The 100-Up consists of two parts. For the “Minor,” you stand with both feet on the targets and your arms cocked in running position. “Now raise one knee to the height of the hip,” George writes, “bring the foot back and down again to its original position, touching the line lightly with the ball of the foot, and repeat with the other leg.”
That’s all there is to it. But it’s not so easy to hit your marks 100 times in a row while maintaining balance and proper knee height. Once you can, it’s on to the Major: “The body must be balanced on the ball of the foot, the heels being clear of the ground and the head and body being tilted very slightly forward… . Now, spring from the toe, bringing the knee to the level of the hip… . Repeat with the other leg and continue raising and lowering the legs alternately. This action is exactly that of running.”
Cucuzzella didn’t like it as a teaching method — he loved it. “It makes so much physiological and anatomical sense,” he said. “The key to injury-free running is balance, elasticity, stability in midstance and cadence. You’ve got all four right there.”
Q:What about the ruling class in America? How likely is it that they’ll have an open fascist system here?
Chomsky:I think it’s very unlikely frankly. They don’t have the force. About a century ago, in the freest countries in the world, Britain and the United Sates at the time, the dominant classes came to understand that they can’t control the population by force any longer. Too much freedom had been won by struggles like these, and they realized it. It’s discussed in their literature. They recognize that they’re going to have to shift their tactics to control of attitudes and beliefs instead of just the cudgel. It can’t do what it used to do. You have to control attitudes and beliefs. In fact that’s when the public relations industry began. It began in the United States and England. The free countries where you had to control beliefs and attitudes, to induce consumerism, to induce passivity, apathy and distraction. It’s a barrier, but it’s a lot easier to overcome than torture and the Gestapo. I don’t think the circumstances are any longer there to institute anything like what we call fascism.
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