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

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.

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

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

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.

Absent in body, but present in spirit.

What can be more stupid than to be in pain about future things and absent ones which at present are not felt?

When health is absent, wisdom cannot reveal itself, art cannot become manifest, strength cannot be exerted, wealth is useless, and reason is powerless.

It is the same thing which makes us mad or delirious, inspires us with dread and fear, whether by night or by day, brings us sleeplessness, inopportune mistakes, aimless anxieties, absent-mindedness and acts that are contrary to habit.

From even the greatest of horrors, irony is seldom absent.

My acts are irrevocable Because they have no essence… Where are the doers of deeds Absent among their conditions?

The transcendent aspect of the psychedelic experience is totally absent.

When love is absent, then there is fear, and in my opinion you should lead your entire life through love.