A system, artificially stabilized, and of course you have hidden risks under the surface, and you don't know where the risks are.

An elephant is vastly more efficient, metabolically, than a mouse. It's the same for a megacity as opposed to a village. But an elephant can break a leg very easily, whereas you can toss a mouse out of a window and it'll be fine. Size makes you fragile.

When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.

Much of the research into humans' risk-avoidance machinery shows that it is antiquated and unfit for the modern world; it is made to counter repeatable attacks and learn from specifics. If someone narrowly escapes being eaten by a tiger in a certain cave, then he learns to avoid that cave.

Prediction, not narration, is the real test of our understanding of the world.

Is the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.

I'd rather have the market tell us what - I'd rather have events precipitate events, rather than just sit there like passive people in Washington.