Essentially the world just has far too much debt. What has happened over the last 30 years is essentially the amount of debt in the financial system has exploded. … There will be enormous, enormous losses which will beggar belief. When economic historians come to write the history of this period, they will look at this and go, ‘My god, how did they manage to do this?’ We don’t even understand the actual quantum [size] of the problem.
—
Andrew Ang, Professor of Finance, Columbia Business School, on “This American Life.”
Cheerful thought of the day: in a few decades, I think it’s going to be deja vu all over again — except we’ll be talking about a climate gone haywire, wars over resources, and just how little we did to stop it. We’re in debt to our ears, and not just financially.
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