Glencore-Xstrata and BAE-EADS might set bankers’ hearts racing. Bulls have financial fuel: QE3 makes debt cheap. They have economic logic: revenue pressure from sluggish growth makes scale more valuable. But a wave of mergers won’t come until confidence rises too.
Roughly a century ago, the American writer Ambrose Bierce compiled ”The Devil’s Dictionary”. In his celebrated lexicon, Bierce displayed a profound understanding of finance, which he defined as “the art or science of managing revenues and resources for the best advantage of the manager.” Below are several other of his definitions touching on the subject of money.