Thoughts: They reacted quickly enough to stop a contagion spiral. As a general r

Thoughts: They reacted quickly enough to stop a contagion spiral. As a general rule, the rate of correction equals the harms of correction – because humans adapt poorly fast, adapt well relatively slowly, and rely largely on social proof as urgency of risk increases. If the levers of power can dissipate the rate of the necessary correction then we will see consolidation rather than collapses. But I don’t have much faith in them, mostly because the problem is so large, and the possibility of various ‘runs’ on all sorts of assets – even runs on the belief in teh future, are possible. And we are in very stormy global waters. Near term risks are continued gradual stagnation, continued shift in world capital combined with demographic reduction of investment capital, possible wars that will heavily disrupt trade, ecnomies and employement, and possible internal american political confict which is vastly under-weighted outside of the states.