Thursday, February 06, 2020

Though all that has arrived, by report, of our knowledge of times past should be true, and known by some one person, it would be less than nothing in comparison of what is unknown. And of this same image of the world, which glides away whilst we live upon it, how wretched and limited is the knowledge of the most curious; not only of particular events, which fortune often renders exemplary and of great concern, but of the state of great governments and nations, a hundred more escape us than ever come to our knowledge.

Montaigne

Tuesday, January 28, 2020

“Debt, the private money that has fueled capitalism since its inception, is coded in law and ultimately relies on the state to back it up,” by way of the courts under normal circumstances and through bailouts if a debtor is too big to fail:  The history of debt finance can therefore be retold as a story about how claims to future pay have been coded in law to ensure their convertibility into state money on demand, without suffering serious loss…. By dressing private debt in the modules of the legal code of capital, it is possible to mask the liquidity risk for a while, but not forever. Whenever investors realize that, contrary to their expectations, they may not be able to convert their debt assets into cash, they head for the exit; and if many do so simultaneously, this will precipitate a financial crisis.

Adam Tooze (quoting Katharina Pistor), "How ‘Big Law’ Makes Big Money," NYRB Feb. 13, 2020

Saturday, December 28, 2019

Contemplate the marvel that is existence, and rejoice that you are able to do so.  I feel I have the right to tell you this because, as I am inscribing these words, I am doing the same.

Ted Chiang, Exhalation

Wednesday, December 25, 2019

Jesus said:  If you bring forth what is within you, what you bring forth will save you.  If you do not bring forth what is within you, what you do not bring forth will destroy you. 

The Gospel of Thomas, as noted by Elaine Pagels

Tuesday, December 24, 2019

Our struggle in life requires two virtues, bravery and wisdom -- readiness to endure a danger and skillful knowledge of how to manage it.

Gorgias (the Sophist)

Saturday, December 21, 2019

There are intelligible principles inherent in the matter of every phenomenon; because matter is essentially the sum of all the seemings that it has for any and all persons. 

Protagoras (the Sophist)



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