Thursday, May 27, 2010

I'm feeling the need to study the 'Tulip Bubble'.......

If we are going to live in interesting times, we might as well
learn something useful along the way. Walter Russell Mead
offers his Top Ten Lessons From the Global Economic
Meltdown here. Well worth the time. Might even cheer
you up.

Mead says in his essay, "Economics can help us understand
what is happening and give us more sophisticated tools for
investigating the unknown — but it cannot protect us from
uncertainty and risk. The “unknown unknowns” will always
be with us.

This means, among other things, that we are no closer to
eliminating panics and crashes than the Dutch were in the
wake of the Tulip Bubble."

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