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In basic terms, this is a process that has gone on for thousands of years, since the dawn of human civilization. When kings, pharaohs, or emperors try to tamper with a society's store of value, that value shifts.
Indeed, all the talk of deregulating or reregulating markets misses the simple yet essential point that the serial bailouts of 2008 were designed to avoid market consequences for bad investments. The New Year will demostrate that this was a waste of both time and resources. In 2009, market forces will punish the human hubris that peaked in 2008, setting the stage for a brighter tomorrow.
Jeff Taylor writes from North Carolina.