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The truth is that people are often stupid and excessive. People will continue to behave in stupid and excessive ways. Neither free markets, regulation, socialism nor communism will prvent human this.

The truth is also there will always be these cycles in human activity. It is also true that from these cycles come creative destruction and cleaning out of things that no longer make sense. Excess can often have unintended consequences that are good. If America had not overleveraged, the rise of Asia might have not come for many years. The pathway to creation has many twists and turns that baffle the participants, it has many painful episodes, but at least so far, each transformation completely surpasses the world that was before.

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