Ananova: Strict Financial Regulation Urged

Can anyone offer a Dummies view of "non-linear times" . President of the European Central bank said "We live in non-linear times - the classic economic models and theories cannot be applied" Predictions I assume require deterministic / linear / analytical thinking. Non- linear I assume takes time out of the equation along with deterministic linear analysis and predictions because non-linear times are linked with systems theory which is about WHOLES not fragmented parts. If a butterfly can cause a hurricane etc non-linear times imply conditions far from stability so what do "non-linear times" mean with regards the way we live our lives, the values we hold and where we invest our energy? Presumably proppping up a housing market for fear of the chaos that might ensue is predictably doomed