Tokyo’s strategy requires every economic assumption ever made to be proved wrong.
Words spoken last year by UCLA’s Dr Michael J Burry at the 2012 graduation of his students:
“At the highest levels of economic thought in government, questions are not tolerated. It is as if we are dealing with the binary judgement of a fundamentalist religion. Finance theory and practice fare no better. The continuing crisis makes a mockery of the principles which have guided credit policy and risk management since the 1960s. As it turns out, information is not perfect, volatility does not define risk, markets are not efficient and the individual is adaptable. But the dark age of finance allows no such light…” Continue reading