The Minskian Ponzi deal was a theory propounded by American economist Minsky, in 1986. Such deals are both unsustainable and hazardous. In Minsky’s view, periods of economic and financial stability lead to a lowering of investors’ risk aversion and a process of releveraging. Investors borrow excessively and push asset prices excessively high. In this process, there are three types of …

A marsupial is a mammal which has a pouch. Its baby is born at a very early stage of development, and makes its way straight away to the pouch, where its suckles. At first the baby has no powers of suction in its mouth, and so the mother’s teat squirts milk into the baby’s mouth at regular intervals. Marsupials are …

The Manx cat is a tail-less cat found principally upon the Isle of Man, a lozenge-shaped island about 30 miles long and 20 miles wide, which is situated in the Irish Sea, at roughly the same distance from England, Ireland, Scotland and Wales. The Manx cat is a common household pet on the Isle of Man and is easily recognized …

A loofah is a fibrous, cylinder-shaped vegetable product often used in bathrooms as a kind of rough sponge or gentle brush. It is the dried interior of the fruit of a plant know to botanists as Luffa aegyptiaca. Less dignified, though more descriptive, names for this tropical climbing or trailing herb are dishcloth gourd and vegetable gourd. The luffa belongs …

In this age of recession and shrinking world economies, governments, in a bid to increase aggregate demand (AD), may lower interest rates to encourage spending. This is because a lower interest rate makes spending relatively more attractive to consumers and businesses than saving in banks. When a government continues to lower interest rates repeatedly and they reach a level of …

A lightship is like a floating lighthouse. It anchors in one spot to warm shipping of such nearby dangers as sand banks or dangerous currents. At night it projects a powerful beam of light. The lamp is fitted in such a way that the beam stays steady, even if the ship is being tossed about by waves. Lightships also have …

A koan is a story, dialogue, question or statement used in the practice of Zen Buddhism. It contains aspects that are generally inaccessible to normal or logical understanding, but which are be accessible at a spiritual level. Koans originate in the sayings and doings of sages, holy persons and legendary figures who are usually teachers subscribing to Buddhism. Koans are …

A lame duck session is conducted after election of new members but before they are installed. Hence, in such a session participants vote for the last time as elected officials because of their failure to get re-elected or because they are retiring voluntarily. In the US, it is a term for a person or legislature that continues to hold office …

It seems such a shame to talk about hate on a day of love. Nevertheless, a hate date is one in which a man dates a woman with the express intention of cheating on her just to feel good about himself. Seems a rather despicable way to boost one’s ego, but apparently it’s quite the done thing among misogynists and …

A greenshank is a little bird with a long beak and olive-green legs – a member of a group of birds known as sandpipers. The greenshank breeds in Scotland, Norway, Sweden and Finland. It builds its nest on the ground, being content usually to settle in a small hollow, lined with heather or dry grass. The eggs are pale buff …