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We have actually experienced in recent months a dramatic demonstration of an unprecedented intelligence failure, perhaps the most significant intelligence failure in the history of the United States. ↗
Cause and effect, the riddle of all history, is a particular devil in financial history; and never more so than today, where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing. ↗
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