That was the "Quote of the day" in the local paper recently, attributed to American economist Alfred E. (no, not Newman) Kahn, and it sent me running to my handy Funk & Wagnalls (come on, surely you remember the recurring line from "Laugh-In") to see what it might mean.
It turns out that it translates (if a perfectly good English-language sentence needs translation) into something like, "All life (I got that part) is a series of connected transitory events" which seems to me to leave a lot of room for interpretation. Plus the fact that it was written by an economist doesn't help matters since I'm pretty sure they are trained to write in unintelligible gibberish anyway so no matter what they say it's impossible to prove them wrong (or right, I guess). Otherwise I don't see how there could be so many divergent views about what is wrong with the economy and how to fix it, all claiming to be the one true answer.
So how one interprets the phrase depends on a number of factors. Some would, I am sure, deny it's veracity due to their fatalist world-view that all events are preordained and so not transitory at all while others may deny the connectivity of all events in our lives. I'm sure there could be lively debate on philosophical, religious, scientific or cultural grounds and some would proclaim the phrase to be the central truism of the Universe while others would dismiss it as meaningless claptrap.
I prefer to view it as a statement of hope, full of promise that no matter what events are transpiring right now, in a life, in a nation or in the world, they are temporary and change will come. Optimist that I am, I choose to believe that change is more likely to improve a situation rather than make it worse, especially if we can affect the change to some degree through free-will, which I believe we can. It may take some effort but we can make things better. Hope, I think, is always more productive than despair and any decision based on hope is always better than one based on fear.
That's my view, anyway - aren't you glad you asked?