Richard Sylla: 70% to 80% Chance of Another Global Financial Crisis

“Sylla’s warnings are particularly important as America’s public schools and universities teach students almost nothing about history. That applies to economics professors, who focus almost exclusively on econometrics models.

Few economics programs teach detailed courses about the German and French hyperinflation episodes (which led to the rise of Hitler and Napoleon), let alone about Greek and Roman financial history.

Economics academics thus head confidently into government often without a clue as to the damages that fiat money and low interest rates can cause.

The upshot is that the US and other global governments and central banks have been systematically following the same high taxation, spending and money printing policies that in the past have led to disaster.

The prevailing assumption remains that “this time is different.”