John Gray – The point about these people is they’ve learned nothing. There’s no practical way of going back to before 2016. Already in 2016, the world hadn’t fully recovered from a near catastrophic financial crisis which these adults in the room, these extremely intelligent men and women, had given us.
The halcyon period of technocratic competence included, going back to the start, long-term capital management melting down in 1998, after Russia defaulted on its debt. That was patched up but it also began what later was called quantitative easing …