Time, although relative to the observer, does not slow down when a person is in danger. It remains constant unless, of course, the danger has something to do with traveling at immense speeds. Even then, time would seem constant to those traveling at those great speeds.
Danger, however, is always filled with variables.
Neurologists, not physicists have discovered that time does not slow down when a person experiences danger. When danger strikes as it does, time seems to slow down, but actually it doesn't.
"I still believe that time does slow down." said a guy on a street corner. "If you make a computer model of the Earth and then rotate it backwards, you will find that there is fifty-three seconds missing in 1998 and three minutes missing in 2005. In '93 I was attacked by some pumas for approximately 53 seconds. The experience seemed to take a fortnight. In '05, I was attacked by the children of the pumas that originally ravaged me. The attack, as far as I can tell, took eighteen months. I received an associate degree in the University of Phoenix during that time."
In order to prove that time does not actually slow during times of great duress, Neurologists put Perceptual Chronometers on the the wrists of volunteers. Then they threw the volunteers head first into a net. The volunteers were told to watch the doohickeys on their arms. If time slowed down (or if the brain sped up) the volunteers should have been able to read the quickly-flashing numbers on their arms. The volunteers were not able to read those numbers. Still, the volunteers estimated that their plunges took 1/3 longer than it actually did.
The researchers believe that the brain creates more vivid memories during times of strife. The memories just take longer to remember. Doctors hope to use this research to treat schizophrenia and to cure hippies who are still stuck in the sixties.
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