The age of capital was the conscious creation of policymakers and regulators. Central banks even played war games to test their ability to deal with a financial crisis.

In 2002 the US military staged the Millennium Challenge, the largest war game, costing over $250 million and featuring an attack on an unknown oil-rich Middle East country. The good guys, the Blue Force, defeated the bad guys, the Red Force, vindicating Donald Rumsfeld’s new high-tech warfare.

But the Red Force, under iconoclastic retired Marine General Paul Van Riper, actually won the battle, using unconventional strategies. Riper used small boats and planes to sink the Blue ...

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