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?
Can't repeat the past?" he cried incredulously. "Why of course you can!" He looked around him wildly, as if the past were lurking here in the shadow of his house, just out of reach of his hand.
If, then, my awareness of the past and future makes me less aware of the present, I must begin to wonder whether I am actually living in the real world.
Does that mean that all vestiges of past discrimination would be eliminated, that the income gap or the wealth gap or the education gap [between Afro-Americans and white] would be erased in five years or 10 years? Probably not, and so this is obviously a discussion we've had before when you talk about something like reparations.
When a man comes to me, I accept him at his best, not at his worst. Why make so much ado? When a man washes his hands before paying a visit, and you receive him in that clean state, you do not thereby stand surety for his always having been clean in the past.
If we could travel into the past, it's mind-boggling what would be possible. For one thing, history would become an experimental science, which it certainly isn't today. The possible insights into our own past and nature and origins would be dazzling. For another, we would be facing the deep paradoxes of interfering with the scheme of causality that has led to our own time and ourselves. I have no idea whether it's possible, but it's certainly worth exploring.
As I give thought to the matter, I find four causes for the apparent misery of old age; first, it withdraws us from active accomplishments; second, it renders the body less powerful; third, it deprives us of almost all forms of enjoyment; fourth, it stands not far from death.
When you have abandoned all past and future, it is as if you have come alive. You are here, mindful...the nature of all types of consciousness reveals itself.