The Great Game - The Emergence of Wall Street as a World Power (1653-2004)

Human nature of the economic cycle are the inevitable result of the cause. When the economy is good, people are too optimistic about the future, blind expansion, the reduction is not the reduction of redundant staff. Thus, a bad year to come soon, people also turn out to be overly pessimistic, this cycle, cycle. When the market collapsed, everyone wants to cash or gold, but at this time precisely on the lack of market liquidity. NOT because of the Central Bank as lender, people will lose confidence. (Google Translated Chinese 2 English)

经济周期是人类本性所导致的必然结果。当经济好的时候，人们对未来过于乐观，盲目扩张，该裁减的冗员没有裁减。于是，坏年景很快就来了，人们又变得过于悲观，这样周而复始，循环往复。当市场崩溃时，每个人都想要现金或黄金，可是，此时市场上恰恰最缺乏流动性。因为没有作为贷款人的中央银行，人们就会失去信心。