“Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones.
It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.”
On the 1997 Asian Financial Crisis
The Crisis of Global Capitalism (1998)
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Hungarian-American business magnate, investor, and philanth… 1930Related quotes
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Context: Human thought is like a monstrous pendulum: it keeps swinging from one extreme to the other. Within the compass of five generations we find the Puritan first an uncompromising believer in demonology and magic, and then a scoffer at everything involving the play of fancy.
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Pierre Paul Grassé¨(1973). L'évolution du vivant: matériaux pour une nouvelle théorie transformiste. A. Michel,. p. 151
Evolution of living organisms: evidence for a new theory of transformation (1977)
Original: En somme, les mutations des Bactéries et des virus ne sont que des fluctuations héréditaires, autour d'une position moyenne, oscillation à droite, oscillation à gauche: effet évolutif final nul.