January 27, 2007

THE SARAJEVO MOMENT: “Maybe it is already, and the fact is that the fretters exaggerate the impact of the thinkable catastrophe. My lunch companion, for example, argued that a small nuclear weapon exploded in New York, while a horror for the city and its inhabitants, would have roughly the same impact on the financial markets as a moment of delirium on the part of Ben Bernanke.”