Can we avoid the next financial crisis? Or are we hardwired for a crash?

Henry Kaufman has long been the dean of US fixed income analysts. By no means a spring chicken, Kaufman is still nimble minded. I was directed to his book Tectonic Shifts in Financial Markets: People Politics, and Institutions (New York: Palgrave MacMillan, 2016) by a review in the Financial Times, and made it part of my summer reading. Kaufman has unique observations about the markets and five bear deep consideration.

Let’s start with his closing argument, there is no returning to any golden area in either…