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— Graciela Chichilnisky"Political parties often take advantage of denial and fear in a moment of change. This is a well understood phenomenon that often leads to scapegoat-ism: blaming outsiders, such as immigrants, or racial and religious minorities. The phenomenon is behind Brexit and the violence in the political cycles in the US and EU."
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People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.
— Michael Hudson
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Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.
— Michael Steinhardt
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