THE YEAR THE GOD OF FINANCE FAILED

The financial system is special.

First and most important, finance is the heart of the market economy. It pumps money from those who have it, but do not need it, to those who need it, but do not have it. If it fails, the economy itself collapses.

Second, finance is about the unknowable future. This makes it vulnerable to the human frailties: greed, fear, ignorance and fraud gallop, like horses of the apocalypse, across the history of finance.

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