Are We Repeating History?

“Those who fail to learn from history are condemned to repeat it.”
- George Santayana

Last week I started sharing some of my longer-term views on several markets, but admittedly, I downplayed my actual forecasts because they might sound quite extreme.  This week, at the risk of facing ridicule and abuse from my friends and colleagues, I will try to be a bit more transparent.  Please remember that my views are not specific recommendations, although my actual positions nearly always reflect my long term thinking about the macro-economic environment.