1929 by Andrew Ross Sorkin is a must-read for anyone in the markets—stocks, commodities, or crypto.

He quotes US President Hoover (1929):

“The only problem with capitalism is capitalists. They’re too damn greedy.”

Every crash, 1907, 1929, 1987, 2001 (Dotcom), 2008 (GFC), and so many more, follows the same script.

Greed drives markets higher, inflating bubbles that draw in even those who don’t understand the risks. As euphoria builds, leverage accumulates quietly somewhere in the system: loans, margins, complex derivatives. It always finds a home. This is the boom.

Then comes the bust. One day, the bubble pops. The leverage unwinds with unstoppable force, amplifying losses as cascading sell-offs feed on themselves. Markets crash, fortunes evaporate, and the cycle reaches its end.

In the aftermath, lessons are learned. Regulations target the specific form of leverage that caused the crisis. The mechanism gets fixed, reformed, and contained. But greed never disappears. It simply waits, then returns in a new form, finding fresh channels for leverage that no one is watching. And the cycle begins again. Different stories. Same ending.

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