“In the ruin of all collapsed booms is to be found the work of men who bought property at prices they knew perfectly well were fictitious, but who were willing to pay such prices simply because they knew that some still greater fool could be depended on to take the property off their hands and leave them with a profit.”
- Chicago Tribune, April 1890
Look at the date it was written!
This comes from the weekly post of one of my favourite commentators, John Hussman.
You can read it here. He is talking about the stock market but outlines how one bubble bursting leads to the next one inflating and the foolish actions of Central bankers who think they know better.