Systemic Risk is about character
Consumed => “‘Systemic Risk’ Is Not Event Driven, It Is Character Driven” by Jerry Bowyer on Forbes.
There are two great pull quotes in this one:
“But I think that risk is frequently more a factor of the character of a nation: that risk is often ‘earned’. Each mistake, not recognized and corrected, becomes a precedent. Policy mistakes reinforce trends, and increase risk. Each expression of political vice, government dependency, excess spending and debt, twisting of the rule of law, class war demagoguery, rots the foundation of society and adds a layer of risk.”
And then (putting politics aside for a moment) there’s Margaret Thatcher’s Biblical-esque:
“Watch your thoughts for they become words. Watch your words for they become actions. Watch your actions for they become…habits. Watch your habits, for they become your character. And watch your character, for it becomes your destiny! What we think we become.”