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?
We think that the world is limited and explained by its past. We tend to think that what happened in the past determines what is going to happen next, and we do not see that it is exactly the other way around! What is always the source of the world is the present; the past doesn't explain a thing. The past trails behind the present like the wake of a ship and eventually disappears.
Time present and time past Are both perhaps present in time future, And time future contained in time past. If all time is eternally present All time is unredeemable.
Later she remembered all the hours of the afternoon as happy -- one of those uneventful times that seem at the moment only a link between past and future pleasure, but turn out to have been the pleasure itself.
My friends: Music is the language of spirits. Its melody is like the frolicsome breeze that makes the strings quiver with love. When the gentle fingers of Music knock at the door of our feelings, they awaken memories that have long lain hidden in the depths of the Past. The sad strains of Music bring us mournful recollections; and her quiet strains bring us joyful memories. The sound of strings makes us weep at the departure of a dear one, or makes us smile at the peace God has bestowed upon us.
I am beginning with the young. We older ones are used up. Yes, we are old already. We are rotten to the marrow. We have no unrestrained instincts left. We are cowardly and sentimental. We are bearing the burden of a humiliating past, and have in our blood the dull recollection of serfdom and servility. But my magnificent youngsters! Are there finer ones anywhere in the world? Look at these young men and boys! What material! With them, I can make a new world.
This mind goes on continuing. This mind will go on continuing, unless you become aware. And this is a miracle: that the moment you become aware the continuity is broken. Now you will be, but not of the past. Now you will be of the moment - fresh, young, new. Now each moment you will die, and you will be reborn.
Try as they may to savor the taste of eternity, their thoughts still twist and turn upon the ebb and flow of things in past and future time. But if only their minds could be seized and held steady, they would be still for a while and, for that short moment, they would glimse the splendor of eternity, which is forever still.
Every creative act draws on the past whether it pretends to or not. It draws on what it knows. There's no such thing, really, as a creative act in a vacuum.
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.
Arguments from authority carry little weight – authorities have made mistakes in the past. They will do so again in the future. Perhaps a better way to say it is that in science there are no authorities; at most, there are experts.