‘Sound currency’ is like ‘ world peace.’ We all agree we want it, especially when we do not have it. Yet either we can never agree how to get it, or we are never willing to make the sacrifice it requires.
Economic history is a struggle to tap our virtues. Political history is a struggle to restrain our vices. When we confuse their roles we are in deep trouble.
Markets can tolerate, even thrive on risk; but they cannot tolerate chaos. There must be consistent and stable rules.
Trying to manage conflicting regulations is like dating a schizophrenic bisexual- you are never quite sure what you are supposed to do.
History does repeat itself but we are usually oblivious because it never repeats in the same way.