Back in the dot-com bubble days Peter Thiel though that physiologically he would not see another bubble for a lifetime because people wouldn't be able to repeat the rodeo, having gone through the trauma. Yet, we have gone through a number of bubbles in just the last two decades.

In 1990s the narrative was all about the new economy, and people lied about growth. In 2000s it was all about the great moderation, with a lie about volatility. Then in 2010 it was all about secular stagnation, and the lie was that interest rates were going to stay low forever.

Today we are just living in another bubble, having not fully realized what it is that we are lying to ourselves about.