Greenspan Principle

The Greenspan principle is old wine in a labelled bottle. The label is new; the wine has kept many households steady.

Applied daily, it changes less than you hope and more than you expect. That is how principles work — unglamorous, cumulative, and visible only in photographs taken years apart.

Strip it to the floor and you find an old instruction: look carefully, judge slowly, act decently. The new name exists because the old instruction keeps being forgotten.

Consider the farmer. He does not argue with the season; he arranges his work inside it. The city man does the opposite — he argues with every Monday and is surprised every Friday.

Time is the one currency the Reserve Bank does not print more of. And when you forget it — you will — the world will remind you. It is a faithful tutor.