I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

In the bubble decade, making money as an end in itself boomed as a calling among students at elite universities like Harvard, siphoning off gifted undergraduates who might otherwise have been scientists, teachers, doctors, entrepreneurs, artists or inventors.

I do not expect NASA to go out and build settlements and colonies. I do not expect them to give SpaceX all the money needed to colonize Mars. I do not expect them to realize the future of humanity is contingent on harvesting the wealth of the solar system overnight and suddenly subsidize my asteroid mining project.

Making money from enforcing patents is no more wrong than investing in preferred stock.

After about six months, I told my mother that I wanted the lessons to stop, and she was intelligent enough not to force me to continue. Besides, the lessons cost money, which was anything but abundant in our household.