ONE THING IS certain in this uncertain world: once the currently roiled financial waters have calmed, the world of finance will not be as it was before the storm broke.
John Maynard Keynes’s famous statement, “In the long run we are all dead,” was followed by the less famous, “Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past and the ocean is flat again.” Keynes was right. Fortunately, we can tell everyone more than that–in addition to a flat ocean, there will be new rules governing the use of the seas.
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