Sublime

The result was the crisis of the 1970s, when inflation reached double digits, unemployment surged, and interest rates were astronomical.

As long as there are humans, the irrational will find its voices and means of spreading. Rationality is something to be acquired by individuals, not by mass movements or technological progress.

The financial crisis that struck the Western world in the summer of 2007 provided a timely reminder of one of the perennial truths of financial history. Sooner or later every bubble bursts. Sooner or later the bearish sellers outnumber the bullish buyers. Sooner or later greed turns to fear.

If we could learn to recognize and evade the biggest errors in thinking—in our private lives, at work, or in government—we might experience a leap in prosperity.

The economic truth is that you can’t have success without failure, you can’t have accountability without consequences. Governments are eliminating these crucial factors to give short-term relief, at the expense of killing long-term growth and innovation.

Firstly, nobody knows where the brakes are.