The global financial system consists of firms in the financial services sector - banks, hedge funds, insurance companies and the like - and various governmental agencies who are charged with regulating these firms. John L. Casti More Quotes by John L. Casti More Quotes From John L. Casti What distinguishes a mathematical model from, say, a poem, a song, a portrait or any other kind of "model," is that the mathematical model is an image or picture of reality painted with logical symbols instead of with words, sounds or watercolors. John L. Casti teaching math song To function effectively, the system scientist must know a considerable amount about the natural world AND about mathematics, without being an expert in either field. This is clearly a prescription for career disaster in today's world of ultra-high specialization. John L. Casti careers fields today We see an ever-increasing move toward inter and trans- disciplinary attacks upon problems in the real world ... The system scientist has a central role to play in this new order, and that role is to first of all understand ways and means of how to encode the natural world into "good" formal structures. John L. Casti real mean moving A good analogy is stretching a rubber band. You can stretch and stretch and even feel the tension increase in the muscles in your hands and arms as the gap from one end of the band to the other widens. But at some point you reach the limits of elasticity of the band and it snaps. The same thing happens with human systems. John L. Casti band analogies hands Resilience, timing, adaptation - these are the three pillars upon which the emergent properties of interacting systems rest. When the systems are the economy and the environment, understanding of the relationships among these concepts is crucial. This volume does a better job of explaining how to manage both money and nature to ensure humanity's long-term future than any other work I know of. Read and reflect. John L. Casti understanding jobs long Reality is a wave function traveling both backward and forward in time. John L. Casti function wave reality Trying to solve the problem by creating more debt is analogous to trying to stop being an alcoholic by going on a bender down at the corner bar. John L. Casti creating bars trying I do not believe that there is any person, method, or tool that can consistently and reliably predict specific human events, X- or otherwise. John L. Casti events tools believe The unfolding time for the end of globalization or a worldwide deflation is much longer, certainly measured in years, if not decades. John L. Casti globalization ends years I think that in the immediate aftermath of a superhuman machine intelligence revealing itself, most people would feel very threatened but take solace in the thought that we can always pull the plug. John L. Casti aftermath people thinking Once the reality sets in of a superhuman intelligence being in control of every aspect of the infrastructures we rely upon for everyday life, we will simply have to try to come to an accommodation with that entity. John L. Casti rely-upon everyday reality If you ask which of the scenarios I think is most dangerous, though, I will give a different answer. In that form of the question, I regard a nuclear attack, terrorist-generated or otherwise, as the most threatening combination of likelihood and long-term damage to modern life today. John L. Casti giving long thinking At some point, the world is going to have to bite the bullet and accept a huge downsizing in its way of life to bring the assets-to-debt ratio back in touch with reality. John L. Casti debt reality world My own guess is that quite quickly the machine intelligence will start dreaming machine dreams and thinking machine thoughts, both of which would totally incomprehensible to us. This would then lead to each species, we and the machines, moving off on to its own separate life trajectory. John L. Casti dream moving thinking The world is awash in more debt than there is money enough in the world to liquidate it. John L. Casti debt enough world In fact, the very nature of an X-event is that it is both rare and surprising. So I would not say that any specific X-event is likely. What I would say, though, is that some X-event is not only plausible, but very likely in a time scale of a few years. John L. Casti events facts years System theorists know that it's easy to couple simple-to-understand systems into a "super system" that's capable of displaying behavioral modes that cannot be seen in any of its constituent parts. This is the process called "emergence." John L. Casti couple simple easy The process of globalization has now interconnected almost everything ranging from financial markets to transport networks to communication systems in a huge system that no one really understands. John L. Casti globalization financial communication When the next big problem comes online, be it the Euro crisis, nuclear proliferation, an overstretched Internet, a killer flu, or any of the other possibilities I consider in X-Events, we will suffer a complexity overload. John L. Casti euro-crisis events suffering From the 1990s onward, the financial sector created a vast array of instruments designed to separate investors from their money, financial derivatives of an ever-increasing level of complexity. At some point, this complexity reached a point where even the creators of the derivatives themselves didn't understand them. John L. Casti derivatives financial levels
