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?
There are no accidents in my philosophy. Every effect must have its cause. The past is the cause of the present, and the present will be the cause of the future. All these are links in the endless chain stretching from the finite to the infinite.
Most people have learned to live in the moment. The argument goes that if the past has uncertain effect on the present, there is no need to dwell on the past. And if the present has little effect on the future, present actions need not be weighed for their consequence. Rather, each act is an island in time, to be judged on its own. ... It is a world of impulse. It is a world of sincerity. It is a world in which every word spoken speaks just to that moment, every glance given has only one meaning.
A murmuring, fateful, giant voice, out of the earth and sky, Voice of a mighty dying tree in the Redwood forest dense.... [T]he wood-spirits came from their haunts of a thousand years, to join the refrain; But in my soul I plainly heard. Murmuring out of its myriad leaves, Down from its lofty top, rising two hundred feet high, Out of its stalwart trunk and limbs - out of its foot-thick bark, That chant of the seasons and time - chant, not of the past only, but of the future.
As I said just now, the world has gone past me. I don't blame it; but I no longer understand it. Tradesmen are not the same as they used to be, apprentices are not the same, business is not the same, business commodities are not the same. Seven-eighths of my stock is old-fashioned. I am an old-fashioned man in an old-fashioned shop, in a street that is not the same as I remember it. I have fallen behind the time, and am too old to catch it again.
If you've got a good enough business, if you have a monopoly newspaper, if you have a network television station - I'm talking of the past - you know, your idiot nephew could run it. And if you've got a really good business, it doesn't make any difference.
Something of great importance now past is inferior to something of little importance now present, in that the latter is a reality, and related to the former as something to nothing.
But Greece and her foundations are Built below the tide of war, Based on the crystalline sea Of thought and its eternity; Her citizens, imperial spirits, Rule the present from the past, On all this world of men inherits Their seal is set.
All human life is sunk deep in untruth; the individual cannot pull it out of this well without growing profoundly annoyed with his entire past, without finding his present motives (like honor) senseless, and without opposing scorn and disdain to the passions that urge one on to the future and to the happiness in it.
And is not time even as love is, undivided and paceless? But if in you thought you must measure time into seasons, let each season encircle all the other seasons, And let today embrace the past with remembrance and the future with longing.