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

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 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.

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.

A lot of times when you keep it real with somebody, you can’t expect them to keep it real with you. In this industry people just want to be famous and they forget how to keep it real and they forget to give credit to the people who helped them get to where they at.

Friendship, like credit, is highest when it is not used.

Rather than rewriting the law under the pretense of interpreting it, the Court should have left it to Congress to decide what to do about the Act’s limitation of tax credits to state Exchanges.

All the credit of development in India goes to PM Modi.

I would also urge leaders to remain humble. If you don’t worry about who gets the credit, you get a lot more done.

Remain humble. Don’t worry about who receives the credit. Never let power or authority go to your head.

Give yourself credit for every single victory.

No man will make a great leader who wants to do it all himself or to get all the credit for doing it