‘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.’
– Doug Noland, Q3 2018, THE Cycle Peak
‘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.’
– Gillian Tett, ‘..those BIS dissidents are muttering in the wings.’
‘Well Cyc, it’s that time of the decade again.’
It smells like 2007.
Cyc; ‘Sir, is it steamroller time?’
Yes
Cyc; ‘Ok.’
Mind communication with the artificial intelligence worked on a whole new level. The sensitivity of Cyc’s sensors was quite astonishing. It was aware of and could sense and communicate with those on the ‘other side’ as well.
Let the market be the market for a while Cyc, let’s play with the time probes.
Cyc had made ten time probes. It was intriguing that one could ‘travel’ or manoeuvre through physical time, but social time was always unique, Uniquely valued by an individual.
‘The goal is the actor’s purpose in performing any action, and in any action, time is what separates the actor from the goal..’
– Jesús Huerta de Soto, Time preference
( To be continued.. )