Fire & Motion 20
The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.
Getting into a new part of town means descending an absurdly steep crumbling staircase, then playing a real life Frogger game across six lanes of traffic, before ascending another absurdly long, crumbling staircase. Often after trying three or four other staircases that end in private homes, or abandoned fields of garbage, bricks, and cats.
One of my favorite walking-related publications. I do enjoy those lines written by Chris Arnade, which always bring me alongside with him. All the details matter, and won't be so vivid if they hadn't been recorded by such a committed wanderer.
Big debt crises come about when the amounts of debt assets and debt liabilities become too large relative to the amount of money in existence and/or the amounts of goods and services in existence.
Too little credit/debt growth can create economic problems as bad or worse than too much, with the costs coming in the form of forgone opportunities. That is because 1) credit can be used to create great improvements that aren’t profitable that would have been forgone without it, and 2) the losses from the debt problems can be spread out to be not intolerably painful if the government is in control of the debt restructuring process and the debt is in the currency that the central bank can print.
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