On September 17, while the financial world was still reeling from the collapse of several Wall Street institutions, a next day air envelope arrived at my house. I probably should have opened it and read its contents before this weekend, because it has a direct bearing on the present crisis. Inside I...

[Note: The following essay was written by "John Law," a pseudonym, and released into the public domain in 2006. Its author's web site is offline. Though it is slightly dated, the economy isn't getting any better, and the analysis presented is as relevant as ever. I disagree with small parts of it, e...