A downside of being in the trading business (including the analysis of economic and financial history) for any length of time is the constant reminder of human foibles. Given this author has described the entire history of currencies (going back to the original barter standard) as the financial version of Original Sin, we should be able to take any long-dated currency market, look back, and weep.

Another downside, as long as we’ re at it, is how little the world’ s governments care about market analysts.