Hmm, interesting paragraph on the credit squeeze and the times we live in:
Excerpt from the Complexity Digest: “So the rules of the game have now fundamentally changed. Our global financial system has become so staggeringly complex and opaque that we’ve moved from a world of risk to a world of uncertainty.
“In a world of risk, we can judge dangers and opportunities by using the best evidence at hand to estimate the
probability of a particular outcome. But in a world of uncertainty, we can’t estimate probabilities, because we don’t have any clear basis for making such a judgment. In fact, we might not even know what the possible outcomes are.
“Surprises keep coming out of the blue, because we’re fundamentally ignorant of our own ignorance. We’re surrounded by unknown unknowns.”
* From Risk To Uncertainty, Thomas Homer-Dixon , 08/03/19, Toronto Globe and