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Which brings us to the present and the cycles and waves that have yet to reach the concluding third act, where the dramatic climax leads to resolution.

Where things will stand in three years in unknown. A little humility might serve us well, for it is indeed too soon to tell about a great many things.

Slapdash quick fixes and policies share one characteristic: they eventually implode the whole shebang.

How much private credit has been put in place but isn’t in the official credit total is unknown and very likely unknowable. That means total systemic risk is also unknowable.

We no longer care who’s behind the curtain because we’re in charge of our own lives now.

As I said, having a sense of humor will get you in trouble nowadays, and this whole thing would be funny if I wasn’t in leg-irons.