Bulls don't read. Bears read financial history. As markets fall to bits the bears dust off the Dutch tulip mania of 1637 the Banque Royale of 1719-20 the railway speculation of the 1840s the great crash of 1929.
One of the consequences of the Iranian revolution has been an explosion of history. A country once known only from British consular reports and intrepid travelogues is now awash with historical documents letters diaries grainy video weblogs and secret police files of questionable authenticity.
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Cause and effect the riddle of all history is a particular devil in financial history and never more so than today where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing.
