So what can we learn from all this? In the words of the great investor Jeremy Grantham, who saw this collapse coming and has seen just about everything else in his four-decade career: “We will learn an enormous amount in a very short time, quite a bit in the medium term, and absolutely nothing in the long term.” Of course, to paraphrase Keynes, in the long term, you and I will be dead.
. Human nature in a nutshell, really. Until we can change our essential nature, we're doomed to blunder from avoidable crisis to avoidable crisis. But even though we will soon have the power to change our essential natures, will blunderers like us be wise enough to do so constructively?