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Excerpted with permission of the publisher, Cambridge University Press, from Boom and Bust: A Global History of Financial Bubbles by William Quinn and John D. Turner.Q2 2020 hedge fund letters, conferences and morePredicting BubblesThe Bank had not kindled the fire, but, instead of attempting to stop the progress of the flames, it supplied fuel for maintaining and extending the conflagration. – Thomas TookeWhen we started writing this book in the summer of 2016, the monetary environment suggested that another bubble would develop soon. Interest rates were almost zero, and the historically low …
