Intermediation Quotes
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We may end up with a world based more on equity than debt, or more on market debt instruments than bank intermediation; but how and why we get there is a mystery. Absent significant regulatory or tax changes, and a sharp transition could be disruptive.
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Wherever we look at the living biota … discontinuities are overwhelmingly frequent…The discontinuities are even more striking in the fossil record. New species usually appear in the fossil record suddenly, not connected with their ancestors by a series of intermediates.
