Of Two Minds

Nobody believes that “doing more of what’s failed” will actually fail, because to date it’s only made insiders rich.

The net result of these perverse incentives is an Internet that is increasingly toxic and untrustworthy.

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.