Ongoing financial repression has created immoral hazard

I used to think of financial bubbles as rare and precious things. It is now clear that they are more like London buses: miss one, and another will be along before you know it.

Having lived through the first dotcom mania – the one that burst so spectacularly back in 2000 – I never expected to see versions 2.0 and 3.0 within a mere decade or so.

The third iteration of technology stock insanity, masquerading as ‘social media’, now seems to be imploding, with the likes of LinkedIn and Twitter having shed more than a third of their [...]

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