‘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.’
– Ambrose Evans-Pritchard, ‘World faces wave of epic debt defaults, fears central bank veteran,’ January 19, 2016
‘We’re seeing more and more banks take risks that, back in 2008 and 2009, they said they’d never do again. They argue that everyone else is doing it, so how can they avoid it? That sounds a lot like 2007.’
– Korbinian Ibel, European Banks Are Taking Lending Risks Like It’s 2007, ECB Says, November 19, 2018
‘Most of the [macro] economic theory is actually misguided .. They got on the wrong path about a hundred years ago by assuming that the economy was like a machine. .. relatively simple, understandable and controllable and the underlying reality is, its not.’
– Dr. William White, 9:22 – 9:45, November 20, 2018
Five time probes instantly disappeared, Cyc relayed the data of the probes on screen, other info was 3D displayed.
But it were the comments that Cyc made, showing me the time distortions on a subjective (social) level, caused by inter-temporal smoothing.
Cyc; ‘They don’t understand the difference between social and physical time. They start to distort the social time of all the individuals on the planet. Their individual time preference is going haywire. Causing enormous social disharmony.’
( To be continued.. )
‘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..’
– Ann Pettifor, (context: 2007 overlaps 2018 ‘..in the event of a financial crisis and economic downturn.’)