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.

We think that the more we have, the happier we will be. We never know what tomorrow might bring, so we collect and save as much as we can. This means we need a lot of money, so we gradually start judging people by how much money they have.

New Age values are conscious evolution, a non-sectarian society, a non-military culture, global sharing, healing the environment, sustainable economies, self-determination, social justice, economic empowerment of the poor, love, compassion in action, going beyond religious fundamentalism, going beyond nationalism-extreme nationalism, culture.

My subjects were maths and physics. I truly appreciate the value in sciences, but understand the difficulty finding and retaining teachers for these subjects, especially when most of my Imperial cohort ended up as management consultants or in finance.

When I started to make money, I went a bit crazy. Once, I went to the race track and woke up the next morning owning a horse.