For four years I taught a behavioral invessting course in Riga Business School subtitled "The History of Human Financial Stupidity--Including Mine." My own portfolio had lots of teachable cases.

Financial weapons of mass destruction, like the other kind, cannot be uninvented, only imperfectly regulated. In regulation the only law that can never be repealed is the Law of Unintended Consequences.

Keynes understood capitalists' hubris and animal spirits because he nearly went bankrupt as a currency trader because of his own. Only bridge loans from friends saved his butt from his own aphorism: the market can remain irrational longer than you can remain solvent.

The FTX bankruptcy proves that the only credible lender of last resort is the sovereign's central bank, not the JP Morgan of 1907 and his successors.

Part of successfully avoiding financial hubris and free market fables and delusions is being grounded about where one comes from. Our Immigrant Russian Jewish family has a photograph of FDR signed by FDRand sent to my great-uncle in 1937 as a thank you for raising funds and organizing for FDR's reelection campaign.

As with COVID, the Republican Party, continually refuses to take the vaccine for the Austrian economics infection that says free markets don't fail and that such failures can cure themselves without contagion and state intervention to save capitalism from the capitalists.

The short course in how this debt panic delusion works is here: https://medium.com/@ljgolden55/zombienomics-or-nikki-haleys-day-of-debt-reckoning-c63ac5e3635d

It's why JMK and not Hayek is the star of the rap videos.