History does not repeat itself, but it often rhymes, a saying attributed to Mark Twain. Whether he said it, it is unknown. According to the website Quoteinvestigator, a site run by US computer scientist Garson O’Toole, a similar statement by Mark Twain can be found in the Book
Quite a dark piece with some distrurbing conclusions, definitely a lot to ponder. Enjoyed it, thanks
A great read ... concise and clarifying descriptions of previous capital market misallocations** that parallel our current mess.
** Weimar, Asian Contagion, GFC and QE+++...
Whether or not Twain said the part about history rhyming, we do know Santayana clearly said, "Those who do not remember the past are condemned to repeat it," and I fear that is a lesson that policymakers are about to relearn.