Sim­ply put, "it does not last for ever" should be ring­ing in the ears of every investor in the world with more than a few mil­lisec­ond return hori­zon. And nei­ther do any and all char­tal­ist con­ven­tions which rely on the arti­cial con­struct of reserve per­ma­nence, for one sim­ple rea­son — being arti­fi­cial, means the the­ory is flawed from the begin­ning. But it is JPMorgan's Michael Cem­balest who frames it the best, "I am reminded of the fol­low­ing remark from late MIT econ­o­mist Rudi­ger Dorn­busch: 'Cri­sis takes a much longer time com­ing than you think, and then it hap­pens much faster than you would have thought.'"

Source: JPM, Hong Kong Mon­e­tary Author­ity, Decem­ber 2011

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