Clearly, sustained low inflation implies less…

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

But how do we know when…

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

Senator [Stephen] Douglas is of world-wide…

Senator [Stephen] Douglas is of world-wide renown. All the anxious politicians of his party, or who have been of his party for years past, have been looking upon him as certainly, at no distant day, to be the President of the United States. They have seen in his round, jolly, fruitful face, post offices, land offices, marshalships, and cabinet appointments, chargeships and foreign missions, bursting and sprouting out in wonderful exuberance ready to be laid hold of by their greedy hands.

Enhancement not only allows the possibilities…

Enhancement not only allows the possibilities of a healthy fullness and exuberance, but of a rather ominous extravagance, aberration, monstrosity … This danger is built into the very nature of growth and life. Growth can become over-growth, life ‘hyper-life’ … The paradox of an illness which can present as wellness – as a wonderful feeling of health and well-being, and only later reveal its malignant potentials – is one of the chimaeras, tricks and ironies of nature.