The Dark Comes Before Dawn. The Financial

There Is A Well-established Conviction That The Central Banks Always Do What Is Necessary To Keep The System Going And Then Afterwards You Then Take Care Of The Legal Aspects. In A Crisis, You Simply Do Not Have Time To Think About Such Concerns For Too Long.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

When Money Is Free, The Rational Lender Will Keep On Lending Until There Is No One Else To Lend To.

As I Discovered, There Is A Great Deal Of Similarity Between A Boom-bust Process In The Financial Markets And The Rise And Fall Of The Soviet System.

I Am For Maximum Supervision And Minimum Regulation.