from Outsider Club:
The volatility of global equities was on the rise this week, with significant sell-offs on the major stock exchanges in the U.S. (Tuesday) and China (Thursday). This coincided with a downward revision of first-quarter GDP amid an array of other disappointing economic data. Funds continued to crowd into the bond markets, though the precious metals still traded flat.
Distinguished Spanish-American philosopher and writer George Santayana was probably the first to utter this prescient wisdom in the late 19th century; the insight has been repeated in slightly different forms many times since. In spite of these widespread references to the idea of humankind being damned to repeat its follies if the lessons of history are ignored, we ironically continue to make this same error time and time again.
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