Commentary
Be grateful for what did not happen.
Two and a half years ago, governments around the world took the unprecedented step of “shutting down” their economies, which means the extreme control of people and their choices. This has proven to be devastating to prosperity, education, culture, health, and the prospects for liberty. Anyone could have anticipated this so it is not entirely clear why so many people in charge did not, at least that is what they now claim.
What did not happen—here is where the good fortune comes in—is a serious financial crisis along the lines of 2008. This occurs when a highly leveraged system is exposed by a dramatic rush by individuals and institutions to take back what they believe to be theirs, pulling their financial assets from the system and triggering all the mechanisms in place to save the banks and brokerage houses whose profits depend on retaining public confidence….