As Long As We Issue Fiat Currency,

History Demonstrates That Participants In Financial Markets Are Susceptible To Waves Of Optimism. Excessive Optimism Shows The Seeds Of Its Own Reversal In The Form Of Imbalances That Tend To Grow Over Time.

It Is Decidedly Not True That "nice Guys Finish Last," As That Highly Original American Baseball Philosopher, Leo Durocher, Was Alleged To Have Said.

We Will Have More Crises And None Of Them Will Look Like This Because No Two Crises Have Anything In Common Except Human Nature.

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.

There Are No Easy Choices. Easy Choices Are Long Gone.