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

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.

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.

Almost all the bars in Southeast Asia are lady bars. The listener and participants who interact and frequent the clubs are exclusively male who become actively involved with the ladies, not the music.

I think it is embarrassing to all of us who truly know the mission of the Refugee Act.

The fan base that I’ve had all these years has come along.

I think the trick with knowledge is to “acquire it, and forget all except the perfume” – because it is noisy and sometimes drowns out one’s own “brain voices”.

Who you truly are is a place of no particular thing, but all things at once.

Tugay is writhing around all over the place as if he were dead

I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.

George had taken off all ten of his fingers and tied them into a bundle with what appeared to be either his own small intestines.