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

It’s just very hard to teach a class of students about what has happened in the Global Financial Crisis.

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.

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.

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.

At the bottom of education, at the bottom of politics, even at the bottom of religion, there must be for our race economic independence.

Globalisation is not something that we can hold off or turn off. It is the economic equivalent of a force of nature, like wind or water.

Legislators represent people, not trees or acres. Legislators are elected by voters, not farms or cities or economic interests.

In a world of complete economic equality, you get and keep the affections you deserve. You can’t buy love with gifts or favors, you can’t hold love by raising an inadequate child, and you can’t be secure in love by serving as a good scrub woman or a good provider.

The danger to America is not in the direction of the failure to maintain its economic position, but in the direction of the failure to maintain its ideals.

I had no dreams of such economic success. You should have fun and not be so weighed down by expectations.

When it comes to this pandemic – and the economic recovery – we are not Democrats or Republicans. We are Americans, and we will be there for one another.

Together we’ll bring an end to this economic crisis and put people back to work.