I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

Central banks have gotten out of the central banking business and into the central planning business, meaning that they are devoted to raising up-if they can-economic growth and employment through the dubious means of suppressing interest rates and printing money. The nice thing about gold is that you can't print it.

It is an axiom nowadays that no bank fails for lack of capital; unprofitable lending is always the underlying cause.

Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.

The 1980s are to debt what the 1960s were to sex. The 1960s left a hangover. So will the 1980s.

I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

Progress is cumulative in science and engineering, but cyclical in finance.