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
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.
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.