Astronomer, mathematician; physicists Galileo Galilee lived 1564-1642.  During the 17th century Galileo Galilee introduced the scientific method, as an ongoing investigative process properly integrating and correcting previous facts with proven, verifiable new knowledge. To begin with, over 1,000 years earlier between 384-322 BC, ancient Greek philosopher Aristotle wrote voluminously on a wide range of topics from poetry to science to rhetoric establishing teleology, as things derived with their end purpose in mind. However, over 1,000 years later, on the other hand, Galileo Galilee’s 17th century confirmation of Nicolaus Copernicus findings that the universe, as well as the Earth, rotates around the Sun through his telescope his empirical observations of the movements of the moons of Jupiter led to conflict with Pope Urban and the 17th century Roman Catholic Inquisition. Through the misplaced anger of speculative doublespeak, disinformation, spin and group think, deep state merchants of doubt turned healthy skepticism into mendacious cynicism. In 1543, Nicolaus Copernicus published On the Revolution of the Celestial Spheres mathematically formulating the ‘heliocentric theory’ for planetary motion, placing the Sun at the center of the universe. Decades later having observed sunspots, the phases of the planet Venus, the motions of Europa a moon of Jupiter through the use of his telescope, Galileo Galilee observed these heavenly motions. In 1632, Galileo Galilee published Dialogue Concerning the Two Chief World Systems confirming Copernicus’ observations of the Sun as the center of celestial universal motion. Nevertheless, the 17th century Roman Inquisition intimidated Galileo Galilee attempting to repress Galileo Galilee’s findings reinforcing 1,000 years of linear strict uncritical adherence to the teleology of the Aristotelian view. Furthermore, through the wisdom of thinking fast and slow, after an additional 300 years, Pope John Paul II finally acknowledged Galileo Galilee’s significant contributions to society.

In the financial world the ‘Dutch Tulip mania’ grew out of arrogance, hubris, seeing only one side of the velocity of money, considering only price ignoring consequences through willful blindness developing speculative toxic financial bubbles. Artificially high Tulip prices eventually collapsed, suppressing real economic growth. In other words, in games of musical chairs with increased risk, speculation and volatility what happens when the music stops, does turbulence suddenly disappear?

Carmen Reinhart and Kenneth Rotoff in their book This Time Is Different : Eight Centuries of Financial Folly examine financial crisis caused by compliance amnesia and short-term memories. For instance, based on expectations versus real world economic planning could the short sightedness of colonial problems at Jamestown have been avoided? Similarly, Alexander Hamilton urban economic future versus the Thomas Jefferson agrarian economic debate in the United States has lasted 220 years with 47 financial recessions, panics and depressions. Likewise, The French Revolution challenged President Thomas Jefferson’s views leading up to The 1803 Louisiana Purchase. Moreover, as a consequence, the two-tier economic system was established after The 1861-1865 American Civil War. In the interim without the transcontinental railroad would Sears Roebuck ever come into existence? Furthermore, on the heels of the 1906 San Francisco earthquake, “The 1907 Bankers Panic” illustrated a need for systematic financial regulation and liquidity. (Monetary policy devoid of Fiscal policy?)…(506)