By Brendan Brown (auth.)
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For example, demand for liquid assets would be likely to increase sharply as insurance companies' and others' need for immediate means of payment surged. Further, banks lent heavily against assets in the disrupted zone would become of high default-risk and face problems in re-financing their assets. Therefore the state of major earthquake disaster would be likely to be accompanied by the state of banking crisis. Slump and Social Revolution Neither labour nor capital income earners are likely to look forward to conditions of slump, where an economy's output falls far below its productive potential.
16. See Lauri Levamaki, 'The Index Clause in Finnish Banking', Monthly Defensive Investment 23 Bulletin of the Bank of Finland (Helsinki), March-April1958. 17. See Bresciani-Turroni, op. , for an account of the huge profits made in Germany of World War I under the so-called 'Hindenburg Programme'. 18. M. Wolfe, The French Franc between the Wars 1919-1939 (Columbia Press, 1951). 19. This definition is found in P. Cagan, 'The monetary dynamics of hyperinflation', in M. ) Studies in the Quantity Theory of Money (University of Chicago, 1973).
The philosopher may indeed claim that bad news tends to rotate with good, and with patience, the newborn investor could buy hedges at a keener price. But if the Flood really occurs before the next bargainsale of hedges, the latter's eventual occurrence would be of little consolation. Is the investor who constructs a portfolio at a time of crisis less fortunate than one who constructs a portfolio at a time of calm? Certainly he will pay a high price for hedge-assets, but fairweather goods should be cheap.
A Theory of Hedge Investment by Brendan Brown (auth.)