The Future Unknowable

The outlook has to be viewed as binary. Will the world end or won't it? No one seems able to imagine how the current vicious circle will be interrupted, but I think we must assume it will be. Just like two years ago, people are accepting as true something that has never held true before. It was the proposition that massively levered balance sheets had been rendered safe by financial engineering. Today, it's the non-viability of the essential financial sector and its greatest institutions. Nobody knows, September 19, 2008.