Rare Events

[…] Technology has tended

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[…] Technology has tended to devaluate the traditional vision-inducing materials. The illumination of a city, for example, was once a rare event, reserved for victories and national holidays, for the canonization of saints and the crowning of kings. Now it occurs nightly and celebrates the virtues of gin, cigarettes and toothpaste. Aldous Huxley

In the immediate postwar

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In the immediate postwar era, financial crises in advanced countries were rare events, and before 1970 did not happen at all. Since then they have occurred more often, and 2008 was the most damaging of them all to date. If we have moved back to a regime of regular financial crises – like the one … Read more