“…This time, the danger isn’t financial engineering. It’s that our #financial system has attached itself to the vulnerabilities of our physical world— #power grids, #water, #land, supply chains—& created hazards markets have no framework to analyze. Our models for detecting risk look at prices, volatility & correlations. They have no instruments for reading #grid failure, drought or a severed #SupplyChain. By the time warning signs show up in market data, the damage will already have been done.”