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“Traveling across the United States, it's easy to see why Americans are often thought of as stupid. At the San Diego Zoo, right near the primate habitats, there's a display featuring half a dozen life-size gorillas made out of bronze. Posted nearby is a sign reading CAUTION: GORILLA STATUES MAY BE HOT. Everywhere you turn, the obvious is being stated. CANNON MAY BE LOUD. MOVING SIDEWALK IS ABOUT TO END. To people who don't run around suing one another, such signs suggest a crippling lack of intelligence.”

“Most private traders on a losing streak keep trying to trade their way out of a hole. A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system.”

“Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.”