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The opposite of manliness isn't cowardice; it's technology.
Globalization has created this interlocking fragility. At no time in the history of the universe has the cancellation of a Christmas order in New York meant layoffs in China.
Older people are most beautiful when they have what is lacking in the young: poise, erudition, wisdom, phronesis, and this post-heroic absence of agitation.
My nightmare scenario is that the government saves Citibank once again, as well as the other banks, and business resumes as usual. Then, the next time the system breaks, it breaks much, much bigger.
If you let markets - in general, my belief is that if you let markets give you information, they'll give you the information rather than artificially prop up everything.
When you ask people, 'What's the opposite of fragile?,' they tend to say robust, resilient, adaptable, solid, strong. That's not it. The opposite of fragile is something that gains from disorder.
In economic life and history more generally, just about everything of consequence comes from black swans; ordinary events have paltry effects in the long term.
We should probably stop trading derivatives, anything more complex than regular options ... I am an options trader, and I don't understand options. How do you want a regulator to understand them?
We cannot truly plan, because we do not understand the future-but this is not necessarily a bad news. We could plan while bearing in mind such limitations. It just takes guts.