Sublime

In practice, however, we don’t usually assign the same value to every one of our dollars. The way we view each dollar depends on which category we first linked this dollar to—or, in other words, how we account for it.

Everybody gets levered up the wazoo. If you can’t save because money does not retain value, then you have to be fully invested. If capital has all been misallocated such that price signals are unreliable and losses are artificially sustained, then any minor advantage has to be levered to achieve a satisfactory return. And if interest rates are arti

basics. The economy, whether in Europe or the US, is an enormous collection of arrangements and institutions and technologies and human actions, buying and selling and investing and exploring and strategizing. It’s a huge hive of activity, where the individual behavior of agents—banks, consumers, producers, government departments—leads to aggregate

She said much of the finance industry has too narrow a view of its strategy and goals. It often becomes a short-term, almost zero-sum game with many investors focused only on small relative gains won against each other.