This aphorism by Yogi Berra, the Baseball Hall of Fame philosopher, used to be a funny example of a tangled arrow of time. But now it means that, thanks to global warming and ocean acidification, our kids and grandkids cannot have the kind of future that we had; they can count on a future of high risk, both directly from climate change and, perhaaps, from a regional collapse of civilization.
People take sensible precautions when the risk is high. Ask a roomful of people if they have fire insurance. Almost all will raise a hand. Ask how many have had a fire in the last ten years, and almost none will respond. Yet people pay for insurance because, should a fire happen, they could lose everything—and still have to pay off the mortgage.
But uncertainty is another matter. Those with money to loan will worry about ever getting it back, and so loan rates will soar.
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