Anything that provides you with very, very stable income, very stable conditions, maybe generally stable, that often, it masks real risks, risks of blow-ups.
Comfort makes you weaker. We need some variability, some stressors. Not too much, but just enough.
Never, never, never think - that's one lesson you should have in life. Never think that lack of variability is stability.
Bankers, they're not harmed by their mistakes. They benefit when things go right, and the society pays the price.
The bonus for bankers fragilizes the system. Someone has the upside at the expense of others.
A system, artificially stabilized, and of course you have hidden risks under the surface, and you don't know where the risks are.
You want to favor systems that benefit from error, disorder, variability and things like that. You want to favor these systems and unfortunately, when - there's something I call the Soviet Illusion. The more the government becomes intrusive, the more things have to follow a script, and it can't handle this kind of system.
Political life loves some volatility.
Switzerland is the perfect place where you have volatility at a municipal level that nothing up top - small units competing with each other.
Make sure that you are in a situation where the constant mistakes are small and can be used for something.
As countries get rich they start increasing education and the very educated people tend to not like trial and error, because they think they're obligated to use the body of knowledge they have.
You want failures to be small and informational. Silicon Valley does very well. It knows how to use failure as a tool for improvement.
Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that.
Is the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.
There are systems that use failure as fuel for improvement, where the cost of failure is small.
A washing machine needs constant maintenance. It doesn't want any harm. It wants tranquility, and you need someone to - you're not going to harm it by continuously monitoring it and adjusting it.
People work out, they stress their body, and their body gets stronger from stress.
Anything organic requires some dose of variability so it can adapt all the time, and fixing things is not a good idea.
Any system that is deprived of its natural volatility, with government up (unintelligible) volatile, any system becomes very fragile.
The opposite of fragile is something that gains from disorder.
If you're going to fail, you'd rather fail early than fail late in general.
I'd rather have the market tell us what - I'd rather have events precipitate events, rather than just sit there like passive people in Washington.
If you let markets - in general, my belief is that if you let markets give you information, they'll give you the information rather than artificially prop up everything.
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