The financial crisis of 2008, an unexpected but foreseeable crisis, succeeded in providing the tools to overcome future concerns such as the one that only pandemic theorists had loosely predicted. So, of course, today, it seems easy to say that the stock market crash that occurred at the end of the first decade in the third millennium was predictable. However, like all crises, it was not. But the danger signs were all there: high prices, a booming real estate market, easy credit issuance, extreme financialization of economies. The economist [...]
JUNE COMMENT 2021 - THE UNPREDICTABLE WHITE SWAN