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We are living in the most reckless financial environment in recent history. The astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets.

The Great Crash of 1929 profoundly disrupted the United States' confident march toward becoming the world's superpower. The breakneck growth of 1920s America-with its boom in automobiles, electricity, credit lines, radio, and movies-certainly presaged a serious recession by the d...