Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
August 13, 2018
We like to believe we control our conscious thought. But I believe our subconscious – the “hard drive” part of our brain – is far more powerful. It not only records our experiences but is utterly ruthless in the recall of anything which impacts us negatively. My first business encounter with that was the day I received a U.S. Treasury...