For example, my dad and most of his peers who went through the Great Depression and World War II never imagined the post-war economic boom because it was more different from than similar to what they had experienced. (1/4) 
I understand why, given those experiences, they wouldn’t think of borrowing and putting their hard-earned savings into the stock market, so it’s understandable that they missed out on profiting from the boom. (2/4)
Similarly, I understand why, decades later, those who only experienced debt-financed booms and never experienced depression and war would borrow a lot in order to speculate and would consider depression and war implausible. (3/4)
For the complete picture of how things work and where we are, get my book Principles for Dealing with the Changing World Order which is now available for pre-order at Amazon: amazon.com/Changing-World… or at booksellers nationwide.
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