"Exigencies are to be expected to occur, in the affairs of nations, in which there will be a necessity for borrowing. That loans in times of public danger, especially from foreign war, are found an indispensable resource, even to the wealthiest of them …it is essential that the credit of a nation should be well established… …Persuaded as the Secret...

"In the history of every great catastrophe, you'll find some masterly bit of stupidity set fire to the oil-soaked rags." - Edwin LeFevre (1908) Over the past few weeks, some crypto exchanges have experienced the terror of bank runs. Although crypto exchanges are not banks in a traditional sense, they suffer from the same vulnerabilities. Given the ...

Americans have experienced multiple asset bubbles over the past 230 years, and it is an absolute certainty that more will come. Bubbles occur repeatedly because hundreds of thousands of years of evolution have hardwired the herd instinct into the human brain. Despite the repetition, every bubble feels unique in its own warped way. But after studyin...

The fact that history repeats itself is widely acknowledged but discerning the precise nature of the repetition is often difficult. It seems like this is because the past never repeats exactly. Instead, elements of multiple past events combine to create new events that seem unique. But if one can identify the most important pieces of the puzzle, it...