"Risk-taking in financial markets has gone on for too long. And the illusion that markets will remain liquid under stress has been too pervasive (Chapter II).
But the likelihood of turbulence will increase further if current extraordinary conditions are spun out.
The more one stretches an elastic band, the more violently it snaps back. Restoring more normal conditions will also be essential for facing the next recession, which will no doubt materialise at some point.
Of what use is a gun with no bullets left?..."
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