"Augustus was the original Keynesian..." is how Bob Swarup, author of ‘Money Mania’, begins to explainto John Authers the constant threads of similarity between financial crises dating back to the 4th century BC; and why, it seems, we are entirely incapable of learning our lessons from them. Crucially, innovation and crises are related; and both have their roots in growing complexity, interaction and in human nature. Of course, as we noted recently, not one of our current slew of 'great thinkers' believes we will have another economic contraction, let alone another crisis... [3]
As Authers concludes, crises are the negatives we have to put up with for the innovations we create... just don't tell the central banks...