The Volatility Machine

The proper role of commerce is to both exploit and absorb those shocks, passing some of the velocity and wealth on to the development of new infrastructure, but respecting the deeper rhythms of governance and culture.

happen. If there is one common theme to the vast range of crises we consider in this book, it is that excessive debt accumulation, whether it be by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom. Infusions of cash can make a government look like it is providing greater growth to its

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