A Quote by Niall Ferguson
If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.
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When our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
Until we have comprehensive financial education, we'll never see the end of our booms and busts.
What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.
Human beings are very unbalanced and prone to go off on tangents. In every area of life- with too great emphasis on one thing, leaving out another important thing altogether. None of us will ever be perfectly balanced in our spiritual lives, our intellectual lives, our emotional lives, our family lives, in relationships with other human beings, or in our business lives. BUT WE ARE CHALLENGED TO TRY, WITH THE HELP OF GOD. We are meant to live in the scriptures.
our right or wrong use of money is the utmost test of character, as well as the root of happiness or misery, throughout our whole lives.
If we're concerned about volatility of earnings because we want some more stability in our lives, then let's create, instead of an unemployment insurance system, an earnings insurance system that will moderate the volatility for a certain period of time until we get back on our feet.
We have designed a capitalist system wrong. We assume human beings are one-dimensional, all they do is make money, so we've created a money-centric world.
The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.
People never regret when they come out of a movie and they've been crying. I think people need it. That's why people have the theater and live music, which is dwindling as well. I think people like to go see things and have an emotional, transcendent, universal human experience, but so often we're like, "Let's go watch Green Lantern," which we all know is just not going to do anything for our souls.
There are things so deep and complex that only intuition can reach it in our stage of development as human beings. And to Poe... well, a great logician could be an enemy to him, what he called conventional world reason.
No matter where you live, the biggest defect we human beings have is our shortsightedness. We don't see what we could be.
If we are honest with ourselves, we have to admit that sometimes our assumptions and preconceived notions are wrong, and therefore, our interpretation of events is incorrect. This causes us to overreact, to take things personally, or to judge people unfairly.
Well, as you know, we're working through a difficult period in our financial markets right now, as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system.
The core of ethics runs deep in our species and is common to human beings everywhere. It survives the most appalling hardships and the most ruthless attempts to deprive human beings of their humanity. Nevertheless, some people resist the idea that his core has a biological basis which we have inherited from our pre-human ancestors.
As human beings we have a tendency to filter out information that does not match up with our preconceived beliefs, including the supremacy of our organization.
Monetary policy causes booms and busts.
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