Sublime

Events with one bank can trigger events in other banks in the network, and so systemic risk—overall risk to the system as a whole—is not the summation of independent events, but it is reflected in domino-style avalanches of various sizes and duration.

The bust was staved off through a series of rapid interest rate reductions made by the US Federal Reserve; and these reductions marked the beginning of a lengthy period of ultra-easy monetary policy.

rabbit. So you can think of the economy as a series of shocks moving to an equilibrium, shock, moving to an equilibrium.

It is somewhat concerning to us that people seemed, and still seem, to be lining up to both defend and attack “capitalism,” when the object of discussion could hardly be further from any worthwhile meaning of the word but is rather better described as: To boost aimless consumption, primarily with uncollateralized debt, by destroying the price signa

Markets are driven by the actions of countless individuals, each reacting to his or her whims, the weather, and the news of the day. Remarkably, just as with army ants, out of all our individual actions emerges a higher order, a set of prices that allows us to buy and sell whatever we may desire.