Fanax: the Mycenaean term for "king"; pronounced "wanax". The funny initial letter, "F", is called digamma and shows up in Archaic Greek epigraphy (papyrus and tablet writings). The sound, if not the letter form, and its linguistic equivalent initially show up in the heiroglyphic writings (Linear B) of Bronze Age Greece both at Pylos, in the far west of Greece (Peloponnese), and at Knossos in north central Crete, the funny "F". Specifically, digamma shows up in the Greek of Homer's Iliad with the word "F"anax, but there it's a "rough breathing" in the form "(h)anax", where the term is linked to an important individual at Pylos. In Classical and Hellenistic Greek, the F continues in this aspirant, or "h" sound, form at the beginning of many Greek words.

Entries for month: October 2010

the nature of markets

October 25, 2010 ·

Brilliant insight, just brilliant.

The Peng Uncertainty Principle
"The Market Price cannot be determined unless with a trade, which will inevitably change the state of the presumed market and is by definition always in the past.  To be precise, Market Price cannot be defined except in the posteriori sense."

Peng's solution?  "Forbid quotes x% away from the last trade or NBBO within y milliseconds."

The 'y' is arbitrary, other than being based on another logical assumption:  "If it's really essential for a market to move 10% in one millisecond in order to assure its functioning, then that market should not be functioning."

 

Tags: politics

Tax the Rich

October 03, 2010 ·

and if it's a smokescreen, then it's simply class warfare, perpetuated by the liberal progressive movement.

"IRS tax data show that you could have taken 100% of the taxable income of every American who earned more than $500,000 in the boom year of 2006 and still only have raised $1.3 trillion in revenue. That amount would not have closed the budget deficit in either of the last two fiscal years. Liberals pretend they can finance a European-style entitlement state by taxing only the rich because they know that soaking the middle class is unpopular."

-- WSJ

Tags: politics

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