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A “beautiful deleveraging” happens when the four levers are moved in a balanced way so as to reduce intolerable shocks and produce positive growth with falling debt burdens and acceptable inflation. More specifically, deleveragings become beautiful when there is enough stimulation (i.e., through “printing of money”/debt monetization and currency devaluation) to offset the deflationary deleveraging forces (austerity/defaults) and bring the nominal growth rate above the nominal interest rate—but not so much stimulation that inflation is accelerated, the currency is devaluated, and a new debt bubble arises.
Ray Dalio (A Template for Understanding Big Debt Crises)
An especially respected edition of the Talmud is that of the widow and brothers Romm of Vilna (printed between 1880 and 1886), which was accurately proofread and included many important additions. Most present-day editions of the Talmud are photo-offsets of the Vilna edition.
Adin Steinsaltz (Reference Guide to the Talmud: The Indispensable Talmud Study Aid (The Erez Series))
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