Cause and effect, the riddle of all history, is a particular devil in financial history and never more so than today, where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing.

Summary

This quote highlights the significance of cause and effect in relation to financial history and emphasizes its complexity, referring to it as a riddle. It suggests that understanding the cause and effect dynamics in finance is crucial, particularly in the present time where certain securities are deteriorating. Unlike public exchanges and stock markets where prices can be determined, the quote asserts that these securities are collapsing due to the absence of functioning markets. Ultimately, it underscores the challenge of comprehending and navigating the intricacies of financial cause and effect relationships in today's volatile economic climate.

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