System theorists know that it's easy to couple simple-to-understand systems into a "super system" that's capable of displaying behavioral modes that cannot be seen in any of its constituent parts. This is the process called "emergence."

At some point, the world is going to have to bite the bullet and accept a huge downsizing in its way of life to bring the assets-to-debt ratio back in touch with reality.

The unfolding time for the end of globalization or a worldwide deflation is much longer, certainly measured in years, if not decades.

System theorists know that it's easy to couple simple-to-understand systems into a "super system" that's capable of displaying behavioral modes that cannot be seen in any of its constituent parts. This is the process called "emergence."

Reality is a wave function traveling both backward and forward in time.

From the 1990s onward, the financial sector created a vast array of instruments designed to separate investors from their money, financial derivatives of an ever-increasing level of complexity. At some point, this complexity reached a point where even the creators of the derivatives themselves didn't understand them.

What distinguishes a mathematical model from, say, a poem, a song, a portrait or any other kind of "model," is that the mathematical model is an image or picture of reality painted with logical symbols instead of with words, sounds or watercolors.