The unfolding time for the end of globalization or a worldwide deflation is much longer, certainly measured in years, if not decades.

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.

Reality is a wave function traveling both backward and forward in time.

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.

I believe is that we can forecast the changing landscape of context, and thus get insight into when we are entering the danger zone of an X-event.

I do not believe that there is any person, method, or tool that can consistently and reliably predict specific human events, X- or otherwise.

If the group has a negative social mood, believing that tomorrow will be worse than today, the bias goes in the opposite direction. Instead of welcoming we have rejecting, instead of global we tend to see events that are local and so forth.

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.

The world is awash in more debt than there is money enough in the world to liquidate it.

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.

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.

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.

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.