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2016-04-06

John Kay Excellent new book by Mervyn King, The End of Alchemy, uncertainty

to quote Donald Rumsfeld, former US defence secretary: “

The things we do not know we do not know.”


“By uncertain knowledge,” wrote Keynes in 1921, “I do not mean merely to distinguish what is known for certain from what is only probable. The sense in which I am using the term is that in which the prospect of a European war is uncertain . . . There is no scientific basis to form any calculable probability whatever. We simply do not know.”


John Kay FT 5 April 2016


The End of Alchemy: Money, Banking, and the Future of the Global Economy



Learn to say ‘I don’t know.’ If used when appropriate, it will be often. 
Rumsfeld's Rules

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