‘The essential message is, stop focusing on self and start thinking about service to others.’
– Barbara (daughter of Jack Bogle)
‘Mr White said QE and easy money policies by the US Federal Reserve and its peers have had the effect of bringing spending forward from the future in what is known as “inter-temporal smoothing”. It becomes a toxic addiction over time and ultimately loses traction. In the end, the future catches up with you. “By definition, this means you cannot spend the money tomorrow,” he said.’
‘I’ve always had serious issues with central banks promoting the perception that they would eagerly backstop market liquidity. Liquidity is a fundamental market risk – that can’t be permanently transformed, transferred or mitigated. It’s a precarious proposition to promote the belief that contemporary central banks – with unlimited capacity to create liquidity – will do “whatever it takes” to ensure highly liquid markets.’
‘..The law of time preference is just another way of expressing the following essential principle: any actor, in the course of his action, tries to achieve the results of the action as soon as possible, and he is separated from his ends by a series of intermediate stages involving a certain time period. Hence time preference is not a psychological or physiological concept, but necessarily follows from the logical structure of action present in the mind of all human beings. In short, human action is directed toward certain ends and the actor chooses the means to accomplish them. The goal is the actor’s purpose in performing any action, and in any action, time is what separates the actor from the goal..
There was this little box, which appeared and than disappeared. This happened a couple of times every day.
‘Cyc, what’s up with that little box?’
‘..Western psychology often focuses on the individual person as a single, separate, extrinsically existing entity in relation to others. Transpersonal psychology challenges this assumption, effectively returning to psychology’s original meaning as the study (or revealing) of soul or spirit.’
‘The first four years of a child’s life is a crucial time when most infants develop empathy for other human beings, she says, adding that the lack of empathy and concern for the pain that terrorists cause to others is “almost worse than the terrorist attacks themselves.”
‘Yes this bond bull will end. But when? .. [Lacy Hunt] replied “a little over 20 years”.‘
– ‘..Long Bond..’, April 12, 2018
‘It’s the story of everyday life in the world of Haute Finance. Giant Ponzi schemes are being built on a narrow base of real money, and huge sums of borrowed money. The inherent instability of these schemes means that the threat of financial meltdown is comparable to the threat posed by the melting Arctic.’
‘A decade ago, whenever I chatted to anyone at Switzerland’s Bank for International Settlements, I felt like I was hobnobbing with dissidents .. Earlier this month I travelled to Washington for an International Monetary Fund and World Bank meeting. There was a cheery mood in the air, just as there was in 2006… But now, just as before, those BIS dissidents are muttering in the wings. At the IMF gala, Borio (still at the BIS) told me that the pesky matter of debt has not disappeared. On the contrary, since the 2008 credit crisis, it has risen sharply: the level of global debt to gross domestic product is now 40% — yes, 40% — higher than it was in 2008. The world has responded to a crisis caused by excess leverage by piling on more, not less, debt.’