The Gut-feel Of The 55-year

These Days, Even Out Of Office, I Still Read Economic Reports.

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

But Rules Cannot Substitute For Character.

In General, Corruption Tends To Exist Whenever Governments Have Favors To Extend, Or Something To Sell.

Any Onset Of Increased Investor Caution Elevates Risk Premiums And, As A Consequence, Lowers Asset Values And Promotes The Liquidation Of The Debt That Supported Higher Asset Prices, ... This Is The Reason That History Has Not Dealt Kindly With The Aftermath Of Protracted Periods Of Low Risk Premiums.