Unknown known: Difference between revisions

{{a|risk|{{unknowns}}}}The one type of [[unknown]] that doesn’t appear in [[Rumsfeld’s taxonomy - Risk Article|Donald Rumsfeld’s taxonomy]], but which ''should'', since it is probably the source of ''more'' catastrophic events of our time than any of the others: [[unknown known]]s are the things you ''do'' know, but you don’t ''know'' you know. Things that, courtesy of that tremendous fiction the [[corporate veil]], an institution may be [[deemed]] to know, but about which none of its present representatives has the faintest clue; things which one might have once known but ''forgotten''; things which one is in total ''denial'' about, and the unpleasant realities of our modern, [[complex]] world to which one is not, presently, facing up.

[[Unknown known]]s are a source of catastrophic {{risk|risk}}, as the repeal of the [[Glass-Steagall Act]] in 1999 by the [[Financial Services Modernization Act of 1999]] — hello, [[global financial crisis]]<ref>Yes, yes — I know it wasn’t ''just'' the repeal of [[Glass-Steagall Act|Glass-Steagall]] — [[David Bowie]] was also partly responsible — but it didn’t help, did it?</ref> — and the continued use, even now, of the [[Black-Scholes]] option pricing methodology — goodbye, [[LTCM]] — which worked serviceably well to model the price of options ''except in times of market stress, when you most need it'' — ably demonstrates. Other variations: