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tail-napkin English
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News and current affairs
According to evolutionary psychologists, such displays of blatant benevolence are the human equivalent of the male peacock's tail.
The government knows that it has a political tiger by the tail, but refuses to acknowledge it, either inside China or outside.
So, is Europe chasing its tail?
With uncertainty, volatility, and tail risks on the rise again, the correction could accelerate quickly.
Private flows are no longer the tail, but the dog that wags the development agenda.
His reason for doing so was to explain male peacocks' obviously hindering tail feathers and male lions' apparently useless manes.
But other real assets can provide a similar hedge, and those tail risks - while not eliminated - are certainly lower today than at the peak of the global financial crisis.
Indeed, Israel's critics were already arguing that this was another case of the tail wagging the dog - that Israel and its American lobby were trying to push the US into serving Israel's interests rather than its own.
China's inevitable growth slowdown, along with a large tail risk, threatens stable growth in Asian economies that have become increasingly interdependent.
With so many risks in so many places, investors, not surprisingly, will eventually prize liquidity in their portfolios, while shunning riskier fixed assets again when these tail risks materialize.
With that sentence, Draghi eliminated the perceived re-denomination tail risk that was highest in the case of Greece, but that was driving up borrowing costs in Spain, Italy, and Portugal as well.
In short, QE3 reduces the tail risk of an outright economic contraction, but is unlikely to lead to a sustained recovery in an economy that is still enduring a painful deleveraging process.
Male birds, for example, often have brightly colored plumage or intricate appendages, such as the Australian lyrebird's long tail.
In our new book This Time is Different: Eight Centuries of Financial Folly, Carmen Reinhart and I find that if financial crises hold one lesson, it is that their aftereffects have a very long tail.
But it wouldn't be easy, owing in part to the Taliban's fragmentation, with the tail (private armies and militias) wagging the dog.
Back then, markets were poor at correctly pricing low-probability, high-impact tail risks.
Indeed, as was the case with the global financial crisis, investors seem unable to estimate, price, and hedge such tail risks properly.
But there is a sting in the tail.
In Europe, the tail risk of a eurozone break-up and a loss of market access by Spain and Italy were reduced by last summer's decision by the European Central Bank to backstop sovereign debt.
Yes, all investors should have a very modest share of gold in their portfolios as a hedge against extreme tail risks.