“In the immediate postwar era, financial crises in advanced countries were rare events, and before 1970 did not happen at all.”

And we have never observed modern finance-capitalist systems operating over a sustained period at this kind of credit-to-GDP leverage ratio.

Eventually the banking systems of all advanced economies reach magnitudes of 500 percent,

More financial instability will introduce more uncertainty all down the line.

1000 percent or more of GDP, so that every economy starts to have financial systems that resemble recent cases like Switzerland, Ireland, Iceland, or Cyprus. That might be a very fragile world to live in.

We have never in human history seen a run-up in credit of the kind we have just witnessed in advanced economies since 1970.

We may end up with a world based more on equity than debt, or more on market debt instruments than bank intermediation; but how and why we get there is a mystery.

A possibility is that we see more and more leverage, and credit-to-GDP ratios rise once more to even higher levels.

If we have moved back to a regime of regular financial crises – like the one we had from the 1870s to the 1930s.

Non-trivial understanding of the financial sector, credit, and the banking system.

The basic aggregate measure of gearing or leverage is telling us that today’s advanced economies’ operating systems are more heavily dependent on private sector credit than anything we have ever seen before.

How we ended up there and how we got to where we are today, without having some basic.

Then our economic future will be very different from our recent past.

Absent significant regulatory or tax changes, and a sharp transition could be disruptive.

To the security of employment at working age, to the challenge of accumulating for retirement.

Macroeconomic stability will be more elusive and that will affect all of our lives: from the risks many will face in childhood.

Since then they have occurred more often, and 2008 was the most damaging of them all to date.

I love all motor sports at the top level.

One principle must make the universe a single complex living creature, one from all.

I am striving to give back the Divine in myself to the Divine in the All.

I think that man has a fundamental obligation to extract from himself and from the earth all that it can give; and this obligation is all the more imperative that we are absolutely ignorant of what limits – they may still be very distant – God has imposed on our natural understanding and power.

I have received new life; because the Lord Jesus has been exalted to the right hand of the Father, I have received the outpoured Spirit. All is because of Him; nothing is because of me.

All the Bond films had their good points.

Every major religion today is a winner in the Darwinian struggle waged among cultures, and none ever flourished by tolerating its rivals.

The two things in the world we all share in this world are laughter and pain. We’ve all got problems. The levels of those problems vary, but we’ve all got problems.