It is nearly six years since Lehman Brothers collapsed and financial markets teetered on the edge of calamity. As stability returned, all my sources in the banking world said that increasing regulation would be the new rule of the game. And this has proved to be the case.
Very few predicted however that fortunes would be made as central banks flooded economies with absurd amounts of cheap money for far too long. It does seem to me that we must be nearer the beginning of the end than the end of the beginning for this particular cycle.
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