A generation of consumers became more risk averse, business investment & productivity slumped, and a large cohort of workers witnessed real declines in nominal incomes. 2/
This chart is the clearest representation of the immense damage that emanated from the GFC on the US economy.
In the ~60 years following WWII, US real GDP seemed to grow at ~3% trend like clockwork.
2008 marked the end of this trend, with growth downshifting to ~2% since. 1/
A generation of consumers became more risk averse, business investment & productivity slumped, and a large cohort of workers witnessed real declines in nominal incomes. 2/
The Fed's own estimate of R* now sits at 2.5%, down nearly 200 bps from its estimate in 2012. 3/
I don't think this is as far fetched as conventional wisdom makes it out to be. 4/
Think of the difference between someone who lived through the great depression versus someone who survived WWII. The latter was far more risk seeking than the former. 5/
When in history have we witnessed a ~10% decline in nominal GDP and a coincident 12% INCREASE in nominal income in the same quarter?! Never... 6/
At the beginning of 2020, household debt as a percentage of disposable income was at its lowest levels in ~20 years. 7/
This sounds trite, but the pandemic is a reminder that life is short. There is little point in waiting to start a business. And with HH B/S's healthy, there is no time like the present. 8/
US business applications have surged this year following years of stagnant growth. 9/
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I'm going to do two history threads on Ethiopia, one on its ancient history, one on its modern story (1800 to today). 🇪🇹
I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". 🇪🇹
I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):
The famous \u201cLucy\u201d, an early ancestor of modern humans (Australopithecus) that lived 3.2 million years ago, and was discovered in 1974 in Ethiopia, displayed in the national museum in Addis Ababa \U0001f1ea\U0001f1f9 pic.twitter.com/N3oWqk1SW2
— Patrick Chovanec (@prchovanec) November 9, 2018
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". 🇪🇹
ARE WE FAMILIAR WITH THE MEANING & POWER OF MANTRAS WE CHANT?
Whenever we chant a Mantra in Sanskrit, it starts with 'Om' and mostly ends with 'Swaha' or 'Namaha'. This specific alignment of words has a specific meaning to it which is explained in Dharma Shastra.
Mantra is a Sanskrit word meaning sacred syllable or sacred word. But Mantras r not just words put together,they r also vibrations.The whole Universe is a cosmic energy in different states of vibration &this energy in different states of vibration forms the objects of Universe.
According to Scriptures,Om is considered to be ekaakshar Brahman,which means Om is the ruler of 3 properties of creator,preserver&destroyer which make the https://t.co/lyhkWeCdtv is also seen as a symbol of Lord Ganesha, as when starting the prayer,it's him who is worshipped 1st.
'Om' is the sound of the Universe. It's the first original vibration of the nothingness through which manifested the whole Cosmos. It represents the birth, death and rebirth process. Chanting 'Om' brings us into harmonic resonance with the Universe. It is a scientific fact.
Therefore, Mantras are described as vibrational words that are recited, spoken or sung and are invoked towards attaining some very specific results. They make very specific sounds at a frequency that conveys a directive into our subconcious.
Whenever we chant a Mantra in Sanskrit, it starts with 'Om' and mostly ends with 'Swaha' or 'Namaha'. This specific alignment of words has a specific meaning to it which is explained in Dharma Shastra.
Mantra is a Sanskrit word meaning sacred syllable or sacred word. But Mantras r not just words put together,they r also vibrations.The whole Universe is a cosmic energy in different states of vibration &this energy in different states of vibration forms the objects of Universe.
According to Scriptures,Om is considered to be ekaakshar Brahman,which means Om is the ruler of 3 properties of creator,preserver&destroyer which make the https://t.co/lyhkWeCdtv is also seen as a symbol of Lord Ganesha, as when starting the prayer,it's him who is worshipped 1st.
'Om' is the sound of the Universe. It's the first original vibration of the nothingness through which manifested the whole Cosmos. It represents the birth, death and rebirth process. Chanting 'Om' brings us into harmonic resonance with the Universe. It is a scientific fact.
Therefore, Mantras are described as vibrational words that are recited, spoken or sung and are invoked towards attaining some very specific results. They make very specific sounds at a frequency that conveys a directive into our subconcious.
